Looking at getting a small business loan to open up a restaurant. I know there's a couple of small business beyonders here so I'm wondering what bank/financial institutions you deal with?
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Best bank for small business loan?
Looking at getting a small business loan to open up a restaurant. I know there's a couple of small business beyonders here so I'm wondering what bank/financial institutions you deal with?
Banned
Unless you have serious personal financial backing, good luck with that.
On a more serious note, the answer is probably "whoever you currently bank with". Servus was by far the best bank I dealt with for my commercial property purchase, and that was because I've banked with them since 16 and my family's business is all through them.
Banks assess your risk. A known individual with good banking history goes a long way. But I still would find it hard to believe a regular bank would back a restaurant. You'll probably have to go private, which will easily be 10% interest.
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Don't most restaurants loose money? Why would anyone loan for that?
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ATB is actually very good for small business. For restaurant financing, look into the Canada small business financing program, ATB can help with that. Up to $350k for equipment and leasehold improvements. P+3%.
You can ask check out bdc.ca
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What kind of restaurant?
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Originally Posted by yellowsnow
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ATB is good, especially with the Small Business Loan. You may have to provide business plan & other information. But there good to go usually given the risk level is moderate.
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Ramen. It's exploding in popularity and I have an opportunity to bring in a chain from JapanThis quote is hidden because you are ignoring this member. Show Quote
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Atb for sure.
Beyond Bully
Awesome. Good luck with it!This quote is hidden because you are ignoring this member. Show Quote
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People are really ramen it in them.
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One thing I'm not understanding is where all this negative stigma is coming from. Popeyes just came to Calgary not long ago and it's doing fantastic even though it's mediocre chicken.
Slanty Gwai Lo
Please be the ones where you sit in a single booth by yourself. No social interactions needed. In, eat, pay, leave.This quote is hidden because you are ignoring this member. Show Quote
Updated: March 10, 2022
My list of random For Sale (some free) stuff
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Would visit this type
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+1
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I am wary of your food decisions.This quote is hidden because you are ignoring this member. Show Quote
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He wants a lender who's loose with money. A restaurant shouldn't be or they'd lose too much of it.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by SJW
Once again another useless post by JRSCOOLDUDE.
Originally posted by snowcat
Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.^^ Fact CheckedOriginally posted by JRSC00LUDE
I say stupid shit all the time.
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ATB is generally good. But with a restaurant im not too sure. TD is useless.
As stated above you might be better off going with private lenders.
If you open, can we all get a Beyond discount?
Beyond Bully
Has anyone crowd funded and got a restaurant to open? Lol
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Max and Rage have all the money, ask them to be silent partners
I can eat more hot wings than you.
Restaurants are bad for lenders because the failure rate is so high. They are bad for investors because it is too easy for management to skim.
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