The most common question clients ask me about SBA loans and business purchase financing is how fast can we secure them funding to get their business purchase completed - or business expansion, commercial real estate purchase, partner buy-out, inventory purchase, equipment purchase (you get the idea). While there are many steps for the loan / financing process must pass through from start to finish my answer to borrowers/buyers, owner/sellers, business brokers, agents is "it's all up to you." This statement often catches clients off guard but it is the absolute truth (and I've been doing this for over 25 years!)
There are certain items, documents, information you must have ready in order to get your deal professionally pre-qualified/pre-flighted/vetted.
Your quest for SBA business loan financing will be much faster if you have the following items ready:
* Past 3 years personal tax returns for all borrowers with 20% or more ownership (Federal Tax Returns only)
* Current completed Personal Financial Statement (for all buyers/borrowers)
* For any other affiliate company with at least 20% ownership by an owner of applicant business you will need to provide the past 3 years corporate tax returns
* Work Resume(s) for all borrowers / buyer (s)
* Signed Purchase Agreement (or Letter Of Intent)
* Brief write-up about the business - possible "mini" business plan & projections (this varies lender to lender)
* Past 2 to 3 years corporate tax returns of the business you are purchasing or need SBA loan financing for
* Past 2 to 3 years P&L and Balance Sheet of the business you are purchasing or need SBA loan financing for
* Interim P&L and Balance Sheet of the business you are purchasing or need SBA loan financing for
A complete package is more likely to get the attention first rather than an incomplete package can drastically reduce your changes of funding altogether for your business (or business with real estate) purchase, equipment purchase, partner buy-outs, debt refinancing, USDA loan, leasehold improvements, business expansion, etc.
Call me direct for the other 24 key factors for getting the best SBA loan rates and features as well other mitigating factors that make SBA Loans fly through the underwriting and closing processes!
Contributor:
The Veld Group provides a refreshing approach to Business Brokerage, Mergers & Acquisitions and Business Consulting and Valuations. From Your Street to Wall Street, we cater to Main Street Businesses as well as more complex Strategic Firms and Start-Ups.
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If your business involves alcoholic beverage sales, we can help. Obtaining a liquor license transfer or selling a business with a license in California does not have to be a frustrating and overwhelming process. We have procured thousands of licenses for our clients.
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Laundry consulting, due diligence, buyer representation: We preview laundries for you and evaluate them. 28 years laundry industry experience: buying, selling, valuing, retooling, analyzing, consulting services for laundry buyers and entrepreneurs in California. Contact us today about our services.
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Cheryl's a restaurant business broker, over 25 years in the bar and restaurant industry coupled with a J.D. Cheryl works tirelessly to create successful strategies and effective negotiations for those who wish to purchase a new or sell an existing bar, restaurant, cafe, or night club. 415-309-2722
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McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
ServingSan Francisco Bay Area, North Bay, Central Valley
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