I had planned to start a restaurant in Toronto. The planning was done with my business partner before two months. But, now I'm going through some financial crisis. So, planning to take a loan. Can you help me in this? I saw one here https://www.aspirefcu.org/loans/personal-loans/, but I'm not sure about their interest rates. Is someone has used their services, kindly share your suggestions?
Thanks in advance
Fri Feb 03, 2017 11:26 am
oldguy Senior Member
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quote: but I'm not sure about their interest rates.
Their rate is 9.70%. But the loans are short term (5 years) and limited amounts. I doubt that you could start a restaurant .
The property owner will charge a large security deposit - and you will need to facilitate the building - stoves, freezers, furniture, signage, registers, menus - it's likely to cost $100,000 to start. And no return for a few months. IMO, you'll need way more than a short term personal loan to start.