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Soeur Diner posted a new Starting A Business thread on 11/11/2009

Buying a local diner. first time business owner. any advice

my father and I are looking to buy a local diner. We will keep the cook thus keeping the customer base. all of the equipment will be there. the diner needs some improvements (chairs, table) and needs to be organized differently because the space is small but overrall no huge amount of money needs to be immediately invested in the appearance. where should i look for loans? my family (first cousins) owns a meat market and a large supermarket -- so food is checked off. i am an attorney so i can do the licenses and permits and incorporation (anything legal). My greatest concern is money. Any suggestions as to where we can secure financing? Thanks!
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Joseph Marino Responded on 11/14/2009


As you may know, restaurants are not the easiest to to finance. But here my suggestions. First talk to your LOCAL bank or credit union. They are going to listen. Be willing to move your deposits over to this bank. Go in prepared to pitch your plan. Have everything lined up, start up costs, estimates for income and estimates for monthly expenses. This will show the "Community" Banker you have all your ducks lined. up.
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