Hi jtblue, welcome to our forum! You've asked a great question that many small business owners have asked as they begin the journey to start up their own small business. The SBA has launched many new initiatives over the last year to help start-ups such as yours, so you might be eligible for certain loans you weren't even aware of. Are you a veteran? Over the age of 55 or an AARP member? There are specific programs in place for groups such as these, so it would benefit you to look into them. You can find more information in this article: Q&A with the Small Business Administration’s Michael Chodos . You also might be interested in a variety of groups that are designed to help the aspiring small business owner, such as SCORE and other organizations. Within those groups you can find more guidance in directing you to the areas where you might find the additional funding you are looking for. More information on these groups can be found in our article by the Touchpoint team at: Small Businesses Can Find the Answers Here: Associations and organizations devoted to helping entrepreneurs. One final resource I'd like to direct you to is this great two piece series by Steve Strauss:Get your business funded (Part 1 of 2) Six ways to get your business funded (Part 2 of 2). Steve discusses some additional options that we think you'll find helpful.
I hope you find these resources informative, and look forward to our members being able to help with any additional questions you may have. Please keep in touch and let us know how we can help.
Best of luck,
Great answer Moderator Rebecca.
I also looked at Steve Strauss suggestions and would like to add one more
way to finance the purchase of an existing business.
The vast majority of smaller businesses are purchased with a significant portion
of the purchase price financed by the seller.
The purchaser will give the seller notes (with or without interest),
almost like leasing a car.
You must have a lawyer on your side to approve the purchase and sale.
Good luck, LUCKIEST
I am looking into a business startup well honestly...I am looking to buy a business. I don't have the funds to purchase a business so I am going to apply for SBA 7(a) loan. The problem I am facing is that I don't have enough for a down payment. I can put a little bit of money down but not what is required. Is there any options for 100% financing or so other option for cases like this?