FundRobot » Fund Price » How easy would it be for a 20 year old to get a bank loan to run a cafe/restaurant?

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Old   #1 (permalink)
 
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Default easy would it be for a 20 year old to get a bank loan to run a cafe/restaurant

Hey,

I'm 20 years old and I've always wanted to own my own cafe/restaurant. Somewhere with character and charm, with reasonable prices and quality service. It wouldn't be about making money, although obviously I'd want to be able to pay the bills, and my own wages. I found a business for sale in my local area that seems very suitable, but I've looked at it as a pipe dream - until now when I've asked myself why not?



Are banks likely to lend money to me so I can do this? What would I need to do first before I pitch my idea to the bank? Where do I begin basically and is it possible/feasible? Will my age be much of a discrimination against me?

Thanks :)
Sarah69 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default easy would it be for a 20 year old to get a bank loan to run a cafe/restaurant

Apply for an SBA loan at a bank that issues them. You'll need a business plan detailing your budget to demonstrate how the loan will be paid back. It's not going to be easy.
TvShows3 is offline   Reply With Quote
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Old   #3 (permalink)
 
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Default easy would it be for a 20 year old to get a bank loan to run a cafe/restaurant

like everything today chance doesn't come into it you either prove it or you fail you provide all the details that proves you are going to pay them back going to or maybe does not come into it the only gamblers are down the bookies losing their money
Sarah69 is offline   Reply With Quote
Old   #4 (permalink)
 
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Default easy would it be for a 20 year old to get a bank loan to run a cafe/restaurant

Any bank or credit union will require a valid business plan that shows that you can pay the loan back. You should have a credit score of at least 700. You will personally have to put up 30% of the funds, as no bank or credit union is going to assume all of the risk.
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Old   #5 (permalink)
 
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Default easy would it be for a 20 year old to get a bank loan to run a cafe/restaurant

email me and I will give you a much easier way to have your
own restaurant.........at 1/10th the cost you are preparing to pay
PrettyHot88 is offline   Reply With Quote
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