Financing is one of the most important pieces of any project; without money, you can’t make anything happen. The process of securing financing is different (and usually more difficult) for new entrepreneurs than it is for existing operators. This page serves as a resource for you, regardless of which category you fall into.
When it comes to financing, planning is everything, particularly with a new entertainment project. Business ‘start-ups’ are typically the most difficult to finance, largely because lenders will have very little history or data by which to base a credit decision. In an effort to improve your odds, it’s important to provide a sound business case that effectively outlines the merits of the project.
The business case should be in the form of an independently-sourced Market Feasibility Study as well as an internally prepared business plan. An independent market feasibility study document allows the lender to rely upon the unbiased findings of the issuer, instead of the beliefs of the developer/borrower. Since 2008, Federal bank examiners require banks to provide the practical basis for granting a commercial loan within the loan file itself, and as such, an independent review can go a long way towards making a lender comfortable to proceed with the transaction.
We know some great lenders that can help you secure the loan you need for an expansion or renovation of your facility. These companies work primarily with existing businesses that are already open and have stable cash flow to support the loan request.
Since 1965, Firestone Financial has prided itself in providing customers with the right financial tools to help their businesses grow. Whether you’re upgrading your family entertainment center (FEC), purchasing new equipment, or developing a new project, Firestone is there to help you every step of the way to meet your business needs. Firestone Financial is a wholly-owned subsidiary of Berkshire Bank, a preferred SBA lender and one of top 100 most active SBA 7(a) lenders in the United States.
Live Oak Bank
Live Oak’s mission is to create an unprecedented banking experience for small business owners nationwide. With a focus on service and efficiency, Live Oak is not your traditional bank. They specialize in lending to family entertainment centers (FEC) with competitive loan products, a dedicated FEC lending team and the commitment to make quick loan decisions. Loan amounts from $75,000 to $5 million are available, depending upon your financing need.
SLS Financial Services
For more than 30 years SLS Financial has helped companies of most every size capitalize on business building opportunities with a comprehensive menu of commercial lending tools. Perhaps they can do the same for you through the development of solutions that meet your specific requirements. They are focused on ways to help those that they serve enhance their businesses as a partner in their success. They assist buyers & sellers of equipment with capital for business productivity & growth.