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Couple of options:
- 1) SBA or USDA loans (USDA depending on where you live). SBA guarantee loans love to lend to people buying existing businesses. The business should have some assets that the lender and guarantee could place a lien on. Just remember, all loans (personal or business) will be first, based on your credit history and then, second, must show an ability to repay the loan (which seems you have here). These options may not require 100% collateral. They may even provide some unsecured as long as there is some (even just a little) collateral.
- 2) If your personal credit is excellent - you may qualify for a personal loan of that amount. Again, credit and ability to repay (from the business or from personal income) is required.
- 3) Bring in a third party investor. Network in your community for a person who would want to partner with you.
- 4) Let the current business owner carry the note.
Do you have a contact phone number?
Need help finding funding for purchase of existing businessThanks for sharing. Who are you?? Do you have a Business Plan that I can read??
Are you and your wife presently working??
Can I read the Bus Plan??
Good luck, LUCKIEST
You are approaching the loan from the wrong angle in this market. Banks do not to lend on business however check out www.innovativereturns.com it all in the approach and right source. Stay encouraged the lord will provide all your needs.
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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!