What Are Two Places You Could Go to Obtain Money to Finance a Restaurant Business?

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If you're trying to finance a restaurant its important to remember that there are a few places you can turn to for help. Learn about the two places to go to finance a restaurant with help from a business consultant in this free video clip.

Part of the Video Series: Finance & Business Advice
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Video Transcript

Hi, my name is Alexis Guerreros. I'm a business consultant. Today, I'm going to talk to you about two places to go if you're trying to finance a restaurant. I mean there's a couple different places you can go. Probably the first place to look would be a bank. Any place that corporate finances would be a great place to go. A bank does exactly that. They have a couple different ways to do it. Probably the simplest is a loan. If you have good credit or say the investors in your bank, I'm sorry, the investors in your restaurant have good credit or have collateral, you can get a loan for the amount of money that you need to start your restaurant. A different place to look would be the assets that you may already own. Now if you personally have enough collateral to get a business loan, take a look at the assets that they would consider a collateral such as real estate, the typical place most people look. If you own a home that's partially paid off, the balance of that amount that's been paid off to the value is considered an asset. It's money that you actually now own and you can get a specific type of loan that takes that additional money out and give you a check. Now be careful. You'll now owe the money back to that house. So it's not like they're giving you a check for free. Consider a couple different advantages that you may have, going after a business loan or an asset loan, two great places to finance for that restaurant that you want to open. Good luck with that.

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