getting a bank loan for my franchise in Vegas?
When franchisors set liquid net worth and the net worth minimum you need to have to start the business
does that mean i'm not allowed to take out a bank loan to start a small food franchise?
Also, if I am allowed to take out a loan, do banks give you a loan based on JUST my business plan?
or does my college grades and work experience come into play?
- 1 decade agoFavorite Answer
liquid net worth and net worth DO NOT INCLUDE the bank loan...
Most banks WILL not give you a loan on your business plan.. SBA on the other hand (small business administration) will give you a loan based on the franchise and your knowledge going into the frachise..
THAT SAID they will require that you have at lease 20% down for them to give you the loan...
and that 20% WILL COUNT IN THE EYES OF THE franchise company as well..
but the loan will not!!Source(s): bUSINESS BROKER, AND MORTGAGE BROKER
- marquitaLv 44 years ago
It's possible for sure