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    1 Reply Latest reply on Feb 27, 2009 12:45 AM by johnt760

    SB  Loan for a buying a business in this market

    johnt760 Newbie

      I am looking to buy a food business, Pizzeria or Bagel shop in central NJ.

      I currently have 50k with me and the businesses i am looking at are around 175k. I don't have any experience with the food business but i am going to work at the place before i buy one to gain some experience.

      I have been owning a IT consulting firm since last 2 years and doing business since 2008, i have done business around 80k during last year. (really don't want to IT consulting anymore)

      First of all i don't see anyother way to finance the new business other than SBA loan, please correct me if my assumption is incorrect?

      secondly, i heard that SBA loan takes long and it is very hard to be approved for these loans in this market. Any suggestion whom should i approach or any advice is really appreciated (sorry, i am really new to this SBA loan aspect)

      Let me know you would like me to provide any further information.