I currently own a pizzeria but am wanting to relocate to another area. My current location has just been dwindling away and I feel in order to stay in business I’m going to need to relocate my operation. I’ve done extensive research on another location, I’ve put together a new business plan, financials, etc.
Because I’ve been in business less than 3 years, the banks consider me a “start-up”. My sales have been slowly declining (which is the reason I’m wanting to move; customer feedback on product and service is outstanding), so when a bank looks at the numbers they see them as negative. On top of all this, I’m still in debt with the first loan of purchasing the pizzeria so my collateral is very small.
My problem…not enough collateral, sales numbers declining, and have no family in which I could tap in to $$ resources. I’ve been turned down by two banks. Any suggestions on where I can seek assistance??