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How to get a business loan to buy a business ?
I am going to be graduating college soon and I am going to be 21 I would like to buy my business that's already for sale I was wondering what are the steps to buying a business and getting a loan should I have a rough time since I already have a business plan and I will be buying not staring up a business ?1 year ago - 1 answers
I would start by doing some research on SBA loans. Your local bank can help you with that as well.
How much of a loan are you looking at? Do you need to purchase equipment, pay employees, carry inventory, supplies, lease/rent office space etc. Do you have cash/assets on hand now? Keep in mind a marketing budget and how much cash flow you require to make monthly payments.
Do you have experience in this business? Do you know the current owner of this business?
I would start with a small local bank. Go to several if needed.
Source(s):1 year ago