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!