Looking to purchase a movie theater – Best Business Loan to get?

Question by Big D: Looking to purchase a movie theater – Best Business Loan to get?
There is a 3 screen movie theater nearby that is for sale. Under 175k, has 3 theaters, all 3 projectors and screens work (still film, not digital) but needs cosmetic work done, as well as some reconstructing of the entrance way to change the look, feel, and flow of everything. What type of business loan would be best to go about attempting to get this theater? Are there low-risk type loans out there. Obviously any purchase, especially towards a business, is a risk but this seems possible. We aren’t going into this with the objective to fail, but if it so happens we do, what would hit us and our families the least? The current owner closed and is selling not because attendance was low, but rather because of his laziness, inconsistency in opening, and never keeping his word. He lived out of town and never wanted to make the drive here to open it up. The city really wants it open and is even working on getting special grants/codes and willing to work with the purchaser to get it opened again. Any help is appreciated

Best answer:

Answer by Henry
An SBA approved loan would be the best for you. Go to http://www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE mentor. They will guide you through the process.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide and is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 350 chapters in locations throughout the United States and its territories, with 13,000 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business mentors.

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