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Hey /biz/raelis.
My dad and I used to run a restaurant that was really profitable (something like 50% profit net) for several years before my stepmom ruined it with her frivolous spending habits and bad business decisions.
It's been a few years and now we're looking to reopen the place (plenty of people still ask us about it and we got highly rated reviews, so we expect it to be easily profitable again), however we're in a rut money-wise. Is it easier to apply for a small business loan given the history and track record of a successful restaurant if we're essentially repeating the process? We'll also mention how the business ended up closing and why, and why that factor won't be one this time around.
What does /biz/ think of our chances of getting a loan?
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>>1811334
Banks hand out business loans like candy if you have good reputation and credit with your bank as well as a solid business model. Don't even feel the need to mention that the business used to exist, unless you must. Just tell them ur projected profit and how long you think it would take for the business to pay off the loan. Make sure to mention that you've studied the area well and you feel the location is ideal for your restaurant because it has unique food to the area and there is an absence of restaurants in the area.. you can kind of bullshit most of it, just make sure if you have to talk to someone about the loan that both you and your dad show up early to the meeting, and in full business attire. you'll get a loan no problem.
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you sound like you disposed of the step mom dude
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