Financing Help

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??

How about an SBA loan? I’m surprised one of the banks didn’t refer you to them.

The bank I talked to also declined me for an SBA guarantee loan. I’m running out of ideas about how to get financing.

You could contact a mentor through for help. I am working with two mentors currently. Contact several as some are better than others.

If the SBA will guarantee the loan, go to another bank. Some banks just don’t write SBA loans.

I am a S.C.O.R.E. counselor. (and I own two pizza shops) I would be happy to help you with specific questions or perhaps to find a SCORE counselor in your area with the kind of background you need, but I have to say the picture you paint is not encouraging.