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

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.

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.

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.

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.

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.

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.

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.

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

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 Your Business To One Of Your Employees - A Good Idea? Pros And Con

After investing years of time and talent into a company, many small business owners want to feel like they are leaving their business in good hands and for that reason, some sellers opt to sell their business to an employee. Peter Siegel, MBA talks about the pros and cons to taking this route.

Business Purchase Financing - 3 Things You Need To Know Now For Success

Looking to buy a small business? There is good news regarding business purchase financing. More financial institutions are coming back into the market with business purchase financing. After years of being selective many lenders are more open to financing deals. Peter Siegel, MBA covers this topic.

How Many Listings Is Too Many For One Broker To Handle? Is It 5? 10? 20?

Peter Siegel, MBA in this Vlog/Podcast discusses how many listings is too many for one business broker to handle at one time. Is it 5 is it 20? I recently had a coaching call with one of my BizBen broker clients who asked that question this week. There are many factors that go into the answer.

Tips When Using Escrow Bulk Sale Services When Buying Or Selling A Business

The final part of the business for sale transaction is the escrow and bulk sale process by Peter Siegel, MBA (Business Purchase Financing Expert, ProBuy & ProSell Program Advisor) answers questions and describes the escrow and bulk sale process. Peter can be reached direct at 925-785-3118.

If You Plan To Offer Seller Financing: 3 Things Owner Sellers Need to Know

When selling your business, offering seller financing is a great way to help your business standout from others on the market and it is also a good strategy to consider that can help you close a sale. Peter Siegel, MBA (BizBen ProSel Program & Financing Expert) explains. Reach him at 925-785-3118.

Business Sellers: Do Not Make It Hard To Buy Your Small Business: Owner Tips

Successful sellers of small businesses need a game plan to sell their California small business for maximum price and for the best terms. Peter Siegel, MBA discusses these seller strategies with BizBen Blog readers based on his experience as the lead Advisor with the ProSell Program on BizBen.com.

Valuing A Business - Do You Add The Inventory Amount To The Price Or Not?

A business buyer asks how to handle the inventory amount in the purchase price of a business. Do you add the inventory value to the business value? Peter Siegel, MBA (ProBuy & ProSell Program Advisor - Lead Facilitator ) answers this question with the BizBen Network of advisors and resources.