Bridge
364 posts since
Jun 3, 2008
1.
Re: financing questions Jun 7, 2008 7:44 AM
Can you provide a little more detail as to the type of business and size?
Make sure you go to banks that are SBA approved lenders - they are more likely to lend for a small business loan. Some banks like lending for small business, some don't.
At a minimum you need:
1) 3 years of tax returns
2) Business plan
3) 20% down
4) some collateral (preferred)
5) good credit (preferred)
6) experience in the business or other experience running a business
If it is a well established business, with the criteria above, you should have no problems getting a loan. I would also suggest working with a professional business broker who could help you evaluate the business, properly price it, and assist in structuring a transaction. I am a business broker and I completed over 200 transactions and I learn something every time - getting experience on your first deal can be an expensive learning curve.
If you would like further assistance, don't hesitate to call and I'd be happy to point you in the right direction.
Best of Luck,
Greg Dupuis
Bridge Ventures, LLC
Merger & Acquisition Advisors
813-343-2214
www.bridgeventuresllc.com
