Post a new topic
    0 Replies Latest reply on Feb 21, 2012 5:16 PM by detailboss

    Looking to obtain financing for purchase of existing business.

    detailboss Newbie

      Hi everyone. First time poster.

      I am looking to find financing to purchase an established screen printing and embroidery business. My problems: A little over a year ago I was injured at work and my income is from workers comp. My credit is maxed out with auto loans and credit cards. Plus, due to the comp, I cannot obtain loans until I have established wages. Kind of  a catch 22. I want to get off comp and have my own business. Comp barely provides me enough to pay my bills. I cannot stand being on comp.  I am not going to be able to return to my old job, because they eliminated my position and now they are eliminating my comp because I am healed. I do not have funds to put any money down at this time. I have my own auto detailing business that I created at the time of my work injury, but I do not have any established wages from this either because I was not working because of the injury at my primary job. The business I am looking at would give me the opportunity to have other income besides my detailing.  Plus it would provide me with a store front because it comes with the agreement to stay at the current location. The owner is only asking @$25000 for the business, plus I would need @$5000 credit line to purchase product when needed. I know this is like having 3 strikes against me, but is there anything available that I could apply for?? Thanks.