How do I go about getting small business financing?
I am interested in purchasing a small business, but will need financing. I'm working on the small business plan, and I will call the SBA today and talk to them. Any other thoughts or advice on financing a small business? How much capital do I need to qualify for financing? This is an already established business - I will just be buying it from the current owner.
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Answer by Howard L
The SBA only guarantees the loan. The SBA will give you the list of participating banks but the loan terms are up to the bank you use and they're not all the same. Shop the banks participating in the SBA loan program as carefully as you would shop for any other loan. You submit your business plan to a participating bank, fill out an application which will include your personal financial statement, and have them quote you the terms.
Have you discussed having the owner finance the purchase? About 90% of business sales are owner financed.
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