THE BUFFET APPROACH TO FINANCING
  

When an entrepreneur is opening a new restaurant or buying an existing one there is a different business approach today than there was in previous years. The meltdown of the financial industry has created a situation for buyers that the traditional bank loan is extremely rare. Lenders are asking borrowers for collateral, cash advances on credit card sales, unsecured lines of credit and extremely high interest rates. Consider getting a "Buffet" of many different sources of funds and loans to spread the risk/reward of your new venture similar to diversification. Here are some ideas to help you get started.

CONVENTIONAL BANK LOAN

SBA LOAN

LINE OF CREDIT

UNSECURED LINE OF CREDIT

CASH ADVANCES OF FUTURE CREDIT CARD SALES

PRIVATE INVESTORS

SELLER FINANCING

HOME EQUITY LOAN

PARTNER WITH SOMEONE

NEGOTIATE HIGHER RENT IN EXCHANGE FOR UPFRONT LOAN WITH LANDLORD

FAMILY FRIENDS

ANGEL INVESTORS

SAVINGS

LIFE INSURANCE WITH LOAN VALUE

FEDERAL GRANTS & PROGRAMS

TAP INTO IRA OR 401(K)

EQUIPMENT FINANCING

PERSONAL CREDIT CARDS

SALE/LEASEBACK ON PROPERTY

EQUIPMENT LEASING

SELL ASSETS

Thought for the Day

"Business, that's easily defined - it's other people's money"

Christopher J Tallino, Vice President

After graduating from Johnson and Wales University, with degrees in both Hotel and Restaurant Management and Culinary Arts, Christopher joined Houlihan's Restaurant Group. For 14 years Christopher was Executive General Manager for several locations in the greater Philadelphia area. In 2002 Christopher joined the HRI Services team. Christopher opened the Philadelphia office and in 2004 joined the Boston office. Christopher brings a great deal of experience in restaurant business management and in the field of culinary arts.