Can you use the loans for the acquisition of SBA 50% of an existing business? I am interested to buy 50% of an existing business. I can not find information on the site that directly addresses this issue sba.gov. I read the SBA loans can be used to purchase an existing business, but says nothing about half of an existing business.
honest answers and useful information is apprecaited!
Thank you!
Several factors are not disclosed.
Best way is to find a lender that is approved for SBA loans in your area.
You should try to acquire your party without the SBA (saves a little interest). They determine your credit 5C (character, capacity, conditions, capital and guarantee).
SBA helps you if you're a little short in one area.
Also ask about loan options Express, several programs available, the lender can offer a qualified candidate.
SBA advantage is up to 50% of your loan is repaid to the lender guaranteed.
One important thing for you to remember is that you are ---- 100% responsible to repay the loan text. Any percentage of the guarantee limit the lender's losses do not apply to you, the borrower.
I used an SBA Business Development Specialist to answer my initial questions (questions similar loan and I wanted a line of credit), he directs you to all lenders.
Good luck in your business.
Posted on January 17, 2010.
