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Most traditional lenders will require collateral of some type or a large down payment. There are some alternative lender that will fund new business purchases without collateral but still require at least 20% down on your part.1 of 1 people found this helpful
There are unsecured lenders that will provide up to $125K for business acquistion - no collateral or down payments required.
There are other alternatives like micro credit and social lending options available that in combination could get you the funds you need.
Depending on the business - you could use its assets (financial assets - a/r, equipment, past credit card reciepts) to fund the purchase.
Is the owner willing to finance the purchase with a small down payment (small meaning whatever you can scrap together).
Just some thoughts
Business Money Today
Can we still get a loan?? YES
Who are you??. You need to develop both a Business and Marketing Plan
I have a business and marketing plan. Really everything is taken care of besides the financial piece. We are only looking for a $50,000 loan.
Yes, you can get financing for the business. But, No, you can't get a loan without other factors. Here is a small article about business financing and business credit cards I put together....
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.
I deal with alternative strategies to help people acquire cash flowing businesses (even without collateral - as long as the cash flow is right and the prospective buyer has decent credit). Email me at firstname.lastname@example.org and i can send you information on my performance based consulting service that can help you out.
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We are looking to buy a currently operating business. We are only looking for a loan fro $50,000, but we've heard from some lenders that they can't give us a loan without collateral. The business makes more than enough to cover the loan, plus we make enough to cover those expenses. We just bought our house a year ago and we're a pretty young couple so we just haven't built up that collateral. We don't have money to put down on it so we really do need the whole loan. Is it hopeless??