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    3 Replies Latest reply on Jul 22, 2009 3:01 PM by Hitech

    How can I get a loan to purchase a business?

    Hitech Newbie
      Hello to alll!I would like to know if i can get a loan to buy an established business?The companies name is Hi Tech and they provide land scape service to residents and commercial.Its a great oppurtunity for me since I am very customer service oriented and my husband is very good with handy work!This company currently has employees and is doing very well!We would like to purchase the company to expland it by adding more services.Something like have your landscape done and have your drive ways and roof pressure cleaned!Also would like to add repair fences and gutters!They are offering me the business for 275,000.I have no home equity since the prices of the homes went down :-(However the company has vehicles and operating machines worth 175,000.I would like to know what are my chances of getting a loan for this amount?My credit is in excellent condition!My husband does have a full time job.I am currently working on a business plan!Any information on my situation will be very helpful!Thanks in advance!
        • Re: How can I get a loan to purchase a business?
          phanio Pioneer
          There are some options for you. First, with great credit and the incoem to support the debt - there are many non-bank small business financiers that can provide the funds you need. You might have to go about it with several loans. Use the equipment as collateral for as much as you can get as this will cheaper - then either try to get unsecured funding for the rest or ask the current owners to finance the remaining balance.

          There are non-bank finance companies that can also finance the equipment portion as well as provide added unsecure funding.

          Lastly, try SBA - find a local bank who offers SBA loans - get their package and see what they say. if they say no, find out why (the real reason) then work on fixing those issues.

          Business Money Today

            • Re: How can I get a loan to purchase a business?
              Hitech Newbie
              Thanks so much for your response!I spoke to my bank( Bank of America) and spoke to a SBA rep and she told me that they do not offer loans to purchase an established business.The rep transferred me to apply for a business credit card.I spoke to a rep and she said they can offer me credit but not a loan??!!I am feeling a little discouraged because they will give me a loan to start something but will not give me a loan for a business thats set and making money???!!!I will be looking checking out what you have suggested on getting loans else where!Any suggestions as to where I can apply?
            • Re: How can I get a loan to purchase a business?
              LUCKIEST Guide
              How can I get a loan to purchase a business, Welcome

              Who are you?? If you want to get a loan to purchase a business, you need to finish the business plan first.

              I would be happy to read and review the plan when you finish it