#1
So my brother and I are getting our business plan together for opening up a liquor store.

My question is has anyone ever taken out a large sum loan from a bank before? What exactly would we need and how would that meeting go?

Any idea the qualifications to taking out a large sum?
#3
Good credit, and a good business plan as far as I know.

But hey, can you keep this thread updated on how everything goes? I'm interested
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#4
Go and ask your bank. I know that people have a conception of banks being money-grabbing, which to an extent is true, but you're going to have to deal with them. Talk around several banks, find several offers, play them off against each other if you can to get a better deal.

They're the experts unless you want to hire a business accountant.
#5
Your credit will be important because the bank wants to be sure that they'll get their money back.

I would just talk to a bank agent about it.
#6
Quote by Dreadnought
Good credit, and a good business plan as far as I know.

But hey, can you keep this thread updated on how everything goes? I'm interested

+1

And try not to get robbed. The local liquor store here gets robbed once every few months.

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#7
maybe you could find tips from your parents or even online (given that you havnt tried that yet)

Best of luck to you!
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#8
your income (or at least your projected income in your case) also matters because even if you have good credit you still need enough income to pay off the loan

(my dad needed a loan but because his income wasn't large enough we had to take the loan under my moms name)
#9
I'm sorry to say but I imagine it wuld go like this:

You "Can we have some money to start up a business"

Bank " "

You "But we have all these plans that will work"

Bank " "

You "But it will work"

Bank " "

Again sorry to sound harsh, but thats the economic climate at the moment.

Sorry.
#10
Quote by Mazzakazza
Go and ask your bank. I know that people have a conception of banks being money-grabbing, which to an extent is true, but you're going to have to deal with them. Talk around several banks, find several offers, play them off against each other if you can to get a better deal.

They're the experts unless you want to hire a business accountant.


You may have to be careful about this, if you need a credit check this could be really damaging as repeated credit checks are very bad for your credit rating!!

Again sorry if I was harsh in my previous post!
#11
Make sure you know the answer to any question the banker may ask, think ahead. What sort of things will the bank want to know about your business, for example?
It will generally look better if as many of your answers as possible don't consist of "erm...well...I dunno...I'll need to think about that..."

Hope that was good advice, good luck mate!
#12
Well , I think if you have a plan set up it should be good. As long as you can like show the bank your long term goals and how you expect to pay it back they might help you out.

I think it's good to learn some of the Business Management(I did a Higher in it at school) terminology and have a general read. It'll help you a lot and you'll learn the foundations about the types of businesses.

If you atleast have some knowledge then the bank will know you've prepared for it etc and will have a better of getting the loan.

It's good to think up of the costs , sort out demand and supply etc. Especially in the recession it'll be a challenge but I think if the long term goals are good then it may be a success.

I haven't done any business related talks in a while so my memory is a bit fuzzy.
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#13
We're working on our business plan now and already have quite a few locations that are leasing.

And I don't have great credit. If anything I was negative in my account to Bank of America and it went to collections but only for a few hundred bucks.

Also, any idea on how to go about getting a liquor license? I'm researching this all right now for our business plan.
#14
I think you need to apply for it somewhere. It's similar to like cigerettes etc. Best to ask like other businesses or small shops that have it because they will have gone into the similar position as you.
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It's your duty, son. You some kinda commie, not servin' yer country?
I'm telling FOX News.

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#15
Quote by ironman1478
your income (or at least your projected income in your case) also matters because even if you have good credit you still need enough income to pay off the loan

(my dad needed a loan but because his income wasn't large enough we had to take the loan under my moms name)

haha your mom wears the pants
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#16
Quote by poopsmith666
haha your mom wears the pants

So? Welcome to 2009, amigo.

It was the only task I would undertake...

I P R O G
...to reap the harvest that was mine


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#17
You will have the same moral delima that most drug dealers face. You will see people turn into zombies because of your products and you will know they'll be your best customers.