Posted by Gerard on October 13, 1998 at 10:09:22 :
In Reply to: Need advice!!!! posted by Matt Uhrich on October 12, 1998 at 22:57:00 :
Matt, can you cook yet? theres little info to go on in your posting.
Assuming you can cook (in 10 yrs you can) whom do you need credibility with? a bank can't loan money for restaurants, they are not venture capitalists and can't gamble depositors money away.
In 10 yrs you could easily save up enough, max out your IRA contributions every yr and borrow that back from yourself (pay the 10% penalty because you'll still be ahead.)
When we started we had $8K, we told SBA we had 10K (we lied) and they gave us a 20K guarentee(money comes from fed land bank).
Regards, Gerard.