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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
Areas Served: All Of California
Phone:  925-785-3118 Cell, 925-785-3118 Text
Founder & President Of BizBen.com (since 1994) & BizBenNetwork.com. I am the Lead Facilitator for the ProSell & ProBuy Programs on both websites. I consult daily with buyers, sellers, and intermediaries daily about buying and selling businesses. Call 925-785-3118.






  Helpful Resources To Assist In Selling And Buying California Businesses
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.

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.

Diane Boudreau-Tschetter: Escrow & Bulk Sale Services - CA

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.

Shalonda Chappel-Pilgram: 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.

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

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.

Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence

Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.

Janet Carrera: Escrow & Bulk Sale Service - SF Bay Area

Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.


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