Business Purchase Financing: Tips For Faster SBA Loan Approvals When Buying A California Small Business

Business Purchase Financing - Tips For Faster SBA Loan Approvals

Business Purchase Financing With SBA Loans

The most common question clients ask me about business purchase financing is how fast can we secure them funding to get their business purchase completed.

While there are many steps we (myself and the actual lender selected) must pass through from start to finish my answer is "it's all up to you."

This statement often catches people off guard but it is the absolute truth.

There are certain items you must have ready in order to start presenting "a transaction or deal" to potential lenders and financial institutions.

Your quest for SBA business acquisition financing will be much faster if you have the following items ready:

* Past 3 years personal tax returns for all owners with 20% or more ownership (Federal Returns only)

* Personal Financial Statement

* 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

* Resume

* Signed Purchase Agreement

* Brief write-up about the business - possible "mini" business plan

* Past 3 years corporate tax returns of the business you are purchasing

* Past 3 years P&L and Balance Sheet of the business you are purchasing

* Interim P&L and Balance Sheet of the business you are purchasing

* Reason the current owner is selling

If you have all of these items ready to go it will help get your business purchase financing deal into underwriting much faster. If you are in the early stages of searching for a business to buy then simply have your personal items available for review, once you have identified the business you desire we can then request the items needed from the owner/seller.

A complete package is more likely to be put at the top of an underwriters pile whereas an incomplete package can drastically reduce your changes of funding altogether for your business (or business with real estate) purchase.

Categories: BizBen Blog Contributor, Business Purchase Financing, How To Buy A Business, Small Business Financing

Contributor:

Peter Siegel, MBA: Business Purchase Financing Solutions

Areas Served: California

Phone: 925-785-3118 Cell, 925-785-3118 Text

Niche business purchase financing advisory and loan placement services with SBA and Non-SBA Financing, Retirement Fund Rollover Solutions, Combo Financing Packages. To get professionally pre-qualified or more information on the ProBuy/ProSell Programs: 925-785-3118.

Save This Contact • My Notes About This Contact • Email This Contact •

Helpful Resources To Assist In Selling And Buying California Businesses

Helen Yoo, New Century Escrow - Escrow Services In Southern California

Helen Yoo at New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.

William F. Ziprick, Attorney: Legal Services For Buyers And Sellers

Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of closings. Office: 909-255-8353, Cell: 509-951-7230.

Elizabeth McGovern: Escrow Services - San Francisco Bay Area

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.

Shalonda Chappel: Escrow & Bulk Sale Services - Southern California

Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 951-808-3972.

Diane Boudreau-Tschetter: Escrow & Bulk Sale Services In California

California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.

Brad Steinberg, Business Broker: Laundromat Specialist

PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.

Related Articles, Events, Blog Posts, Discussions, Videos, Interviews

Thinking Of Selling My Business: What Factors Create Value And Drive Price?

There are a lot of misconceptions about what enhances the value of a business. The following factors in this Discussion Post on BizBen are aspects of a business that really drives its value and pricing. Business owners thinking of selling should check these out these factors before selling.

8 Items Buyers Of Small Businesses Find Critical When Reviewing A Business

In this month's Business Buyer survey for BizBen.com, we asked participants in our ProBuy Program and 250 other random business buyers what they look for and avoid when looking at a business for sale postings online. Of the 20 potential posting characteristics we asked about, 8 stood out.

How to Sell Your Small Business: Tips For Selling Your California Business

Peter Siegel, MBA - Lead Advisor with the BizBen.com ProSell Program discusses critical steps to prepare a California small business for sale including: which documents will be needed, key advisors to have involved, pricing the business, and how to attract the right business buyers to your listing.

Selling California Small Businesses: 13 Crucial Items To Selling A Business

Only 30% of all CA small businesses for sale that are put on the market overall are sold! A surprising statistic to most business owners, agents, and brokers trying to sell a California business! If however you follow the strategies (BizBen Protocol Method) in this blog post you should see success!

I am Selling A Small Business - How Do I Qualify Potential Business Buyers?

Being prepared when potential buyers contact you about your business for sale is a good idea. Too many sellers (and brokers) are unprepared & miss good opportunities or get involved with unqualified buyers. This Discussion post and answers from ProIntermediaries on BizBen assist with this issue.

Unreported Income Cash Claims By The Seller-What Should A Business Buyer Do?

One of the most difficult challenges when purchasing a California small business is expressed by a prospective buyer of a liquor store who is told by the owner/seller that there is more money being made than shows up on the books. Should this buyer accept that statement and go ahead with the deal?

Should I Buy A Business That is Losing Money? Feedback From Top Advisors

Are businesses worth taking a look at when they are losing money? Multiple Advisors & Business Brokers weigh in on this topic and say yes! (but be careful) on a BizBen Discussion. Some great feedback on this topic will make potential business buyers (and money losing sellers) want to read this info!

What Is The Typical Business Broker Fee For Sellers And Buyers? Who Pays It?

Was just asked the question from a business owner what the "typical commission" amount is for a broker or agent and if upfront fees are common? Thought this might be a great Discussion topic on BizBen for both business owner/sellers and potentially for business buyers (buyer representation).

Escrow Services Diane Boudreau-Tschetter