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    2 Replies Latest reply on Nov 2, 2011 1:28 PM by gerontologyadv2

    Need $275k loan for a radio station acquisition

    kkrat106 Newbie

      Hey there..

       

      Been in the radio business for 32 years. In those years, I've been program director, general manager, and operations manager.

       

      I am now looking to take on a station of my own to put my expertise to work. I need to find a loan to purchase the station. Will be able to pay it back within ten years based on current billing. Any ideas/thoughts??

        • Re: Need $275k loan for a radio station acquisition
          phanio Pioneer

          Several thoughts:

           

          1) Being in the industry that long - you should have industry contacts with money.  Open your own network - put together a funding proposal or PPM and shop it around.

          2) If this is a station that is already established - try to work an owner financing deal. If you could come up with say 10% down (much easier to get the whole amount) then finance the remaining for 18 years with a 5 year balloon payment.

          3) SBA guaranteed loan.  Call around to local banks and ask if they offer SBA loans.  Get their package, find a SCORE office and let the SCORE office help you research and complete the package - they are free to use.  Look at a 504 program with 50% SBA, 40% local CDC and 10% down. If you get a loan, you will have to put at least 10% down.

           

          Hope this helps.

          • Re: Need $275k loan for a radio station acquisition
            gerontologyadv2 Adventurer

            kkrat106

             

            There is a new loan program that will open up Nov 7th in some states.  Look into SSBCI. (Small Business Credit Inituative) Check it out and see if it is available in your state.  http://www.treasury.gov/press-center/press-releases/Pages/tg1278.aspx  Also check with your local small business development center.

             

            Good Luck