26 Jun Looking for a restaurant with SBA Loan options? (as of June 2013)
Looking for a restaurant with SBA Loan options?
As of June 26, 2013, in all of Florida there were less than a dozen pre-qualified restaurants with SBA loan options on the Business Broker’s multiple listing system. Here are just a few I found.
- One was a Seafood with a great wine selection. It is a super nice place in Orlando. I checked it out and they served one of my favorite meals of all time!
- The other is a kind of famous roadside place that specializes in hot dogs and beer, but was a really cool Americana kind of plac,e with a 50’s feel in the northern part of the greater Tampa Bay – near the water.
- The third was the O’Brien’s Family Sports Bar of Plant City, that Legacy Venture Group sold a two weeks back.
You can check these listings out at BuyBizFL.com or just call our office at 833-Buy-Biz1 (833-289-2491).
Banks are tough with restaurants for a number of reasons
Why you ask? Well here are a few of the reason off the top of my head!
- Poor books and records – If this is your restaurant, run it well, and then refinance after showing great books for a year or so more.
- Inexperienced buyers – Not your challenge but many think they can run a restaurant with NO experience
- High failure rate – restaurants are tough but most because they are run by folks with no experience or plan
- Banks made a lot of bad loans pre-2009 – they lacked smarts then and, well, have not gotten much smarter about restaurants now but know to be cautious…
- Lots of franchises promised the moon and failed to deliver – adding more bad press to the restaurant reputation. Some franchises are great many will do what it takes to open one more location – including approving the wrong candidate at the wrong location at the wrong time. A bunch of those guys ruined it for others.
If you want a business with a SBA loan, we have lots of options. If you want a restaurant with SBA loan options, you still have choices but you have to look a little harder. But there is always hope!