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In order to get SBA loan to buy an established business,What documents do you need to show bank? |
I have found this business which I'm very much intersted in. I have never bought/sold any business before.I have more than 4 years of experience in this business. I work for someone else but now I want to own mine. So please If you have any suggestion or comments, you are most welcome to do so.Please explain in detail. Thank you. SBA does not provide direct loans, but rather guarantees loans availed through their partner financial institutions. You will need to satisfy the lender's requirementsfor the loan, as assessed by the bank, before you can get SBA guarantee. This would mean showing the bank your credit history, business plan, tax forms, financial assets, collateral. Note however that you need to pass through 3 criteria before you can avail of SBA loans, and these are: - stake in the business (SBA requires borrower to have invested 25-50%) - submission of a strong business plan - good personal credit rating Good luck! Isabel Isidro Source(s): How to Get SBA Loan http://www.powerhomebiz.com/vol44/sbaloa... If I remember correctly, SBA Loan, just means that the SBA will gaurantee the loan. You still have to go out and get the loan. You would need tax returns for the last year or two, banking history info, a current credit report, and perhaps a two year projection for the business. Show them how and why you can repay it. The SBA also has another wonderful resource. Retired people volunteer to sit down with you and help you with some of the planning. They have people from all types of businesses. I can't recall the name of the program. Good Luck! Modified 1 year ago |
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