A CNN piece notes that while the economy may be getting back on its feet, small businesses are still having a ridiculous time getting loans. New York restaurateurs know this all too well, hence the huge growth in major hotel projects. Yet it's still surprising to hear that Stephen Hanson, owner of the BR Guest restaurant group and one of the most successful restaurateurs of all time, along with his investment partner Starwood Capital have been turned down over and over again for a loan for a new Bill's Bar & Burger in Rockefeller Center:
....when the company went for a loan, it came up dry. Starwood reached out to 32 banks. Only seven would even look at the proposal. And none of them, so far, has agreed to make the loan.This doesn't mean the end for Bill's 2.0. Starwood tells CNN that they will get a loan, just not a favorable one. Things wouldn't be so promising for a restaurateur without an investor with deep pockets.
· How big banks can regain Main Street cred [CNN]
· All Bill's Bar & Burger Coverage [~ENY~]