Nervous about asking bank for business financing for a new liquor store. Need 100K and have $15,000.?

Question

Have been planning every single detail of a liquor store for 3 months and I am finally getting to the point to where I ask a bank for a 100K loan. I have $15,000-$20,000 of equity in my house. Have business plan, experience with liquor (3 years as liquor manager), perfect location, name and logo, and cheapest/best vendors to buy pens to registers to 8 door walk in cooler (checked over 5 vendors for everything). Don't like to be embarrassed or to look like an idiot if I have not a chance in h**l to get the money. What should I do to make my chances better? Anything will be helpful

Answer 1

you should deffinately do it! show them your experience and how you have everything planned out! liquor stores do pretty well because, well, people like to drink! if you are still a little nervous just think the worst that can happen is they say no and you'll never see them again!!

good luck!

Answer 2

Chances for getting a liquor license?  Demographics for your perfect location (why is this the perfect location - target clientele),   Seems like you have your ducks in a row.  Just don't get discouraged if the first bank turns you down.  Keep trying.  Each bank has different criteria and you never know which set of criteria you will fit or not fit.

One thing you might try is start with banks that are based in or around your area,  Local banks have to compete harder and may be a little more lenient or customer-friendly.

Answer 3

I was refused earlier.  I put it off for many years but i finally had the money in 2001.  The bank was no help at all.  They gave me a big smile. Friends and family are the best.

Can you start smaller so you only need $50,000?  Do you need employees or can you do the 12 hours alone?  Check out prosper.com (not my website).  They are wonderful.  /

Answer 4

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner

Small Business

Owner Initial Underwriting Group