How can I obtain a business loan (details)?

There is not a chance in hell any bank would give you a loan. Credit is tight and 90% of restaurants fail.

You need a business plan with finances for at least five years. Start here SCORE Business Plan. Then visit the local SCORE office.

@Tropical_Willie Thanks a lot. I’ll look that over. I already have a business of my own formed, but that one did not require money to start up. This, obviously, would.

@johnpowell Yeah, that’s was my thought, but I figured I would ask the question anyway :/

Are you a minority? Your chances are better if you are. Most community colleges have a Small Business Administration office on their campus. They will help you with a business plan and financing for your plan.

Nope. No one is going to give someone a loan of that amount that is unsecured. If you need to raise capital for your business there are other options.

You could take on a partner who is willing to put up the money, but let you do all the work. This may end up more costly than a loan (you will be splitting the profits with this partner) BUT it may be your only option and sometimes, capital partners can bring in expertise and other benefits that can be very useful.

Will you own the building or just lease? If it is for the purchase of the property, some banks may consider it as a type of mortgage. You want to get a good accountant and see what tax advantages and property protection there may be for putting the property under a separate entity name, if the bank will allow that. They may even encourage it, to protect their investment from the going concern in the restaurant that is a more risky investment.

If you don’t have previous experience in this industry, the chances of finding a partner willing to invest is rather slim.

From the SBA: Financing your business requires research to find the most appropriate funding model. SBA offers a variety of loan programs for very specific purposes. Take some time to study the programs described in this section to see if you qualify to participate.

The Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit…

The 7(a) Loan Program is the SBA’s primary program to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. The name comes from section 7(a) of…

The CDC/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed…

Banks and other lending institutions offer a number of SBA guaranteed loan programs to assist small businesses. While SBA itself does not make loans, it does guarantee loans made to small businesses by private and other institutions. Below is an…

http://www.sba.gov/about-sba-services/2834