Women entrepreneurs in today’s business world

I was just wondering if anyone had any insight on this. My family and I are planning on overtaking a family restaurant within the next 5-10 months. The vast majority of my family is women. But most “small business loans” are for new start up companies, and this is something we see as low risk since the restaurant now is profitable and we’re keeping the name. Does anyone know where I can find a step by step process to finding the correct loan in this area? Thanks so much!

One Response to “Small Business Loans for Women?”

  • Louisa says:

    This may not be exactly what you are looking for, but, I think you are taking over an established business, as in, someone in your family or all of you are taking over legal ownership of the restaurant…you could go to a regular bank in your area and get a small business loan using your restaurant as collateral. With solid cash flow statements, I can’t see why you would be turned down. Local banks are always looking to partner with local businesses because it makes them look good and builds their credibility in the community.

    So, before you get adventurous, start by looking to see which banks are listed in your local chamber of commerce directory. Those folks would be the ones looking to support local businesses. When you get a local banking contact, invite that person to your restaurant for lunch…or join the chamber of commerce and host a chamber event, like a happy hour if your serve drinks or offer chamber members coupons.

    In my opinion, when it comes to banking, relationship building in your local business community is more effective than fishing around for companies offering programs who don’t really understand the true value of your business.

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