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    4 Replies Latest reply on Jan 27, 2009 10:13 PM by funds2924

    Need help finding funding for purchase of existing business

    JesusLord Newbie
      I have been reading posts from this site for a couple of weeks while I have been researching what my wife and I can do to obtain financing to purchase an existing business. We do not have much for personal assets and very little to put down on it, if anything. My wife has called multiple banks and has been hearing the same thing over and over...with the economy it is very difficult to get a small business loan and most banks want 100% collateral. The business we are interested in is owned currently by a friend. We have gone over the financials for the last 4 years with a fine tooth comb and the business has continued to grow and stay steady, even through these hard times. We are needing to get financed for $70,000 through a bank. It doesn't seem like all that much to us, considering the business has the means to pay this loan off within 3 years. Is there anyone that has any advice on where to look or if we should be looking at all. Are we just running into a brick wall? Thanks!