250,000 Loan to buy existing business … where do i get the money?
Jun.28, 2011 in
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I just started my own specialized pest control business 1/1/08. In 2 months I have approximately 120K in annual contracts. I have very little overhead. Primarily gas and trucks. I will have the opportunity to purchase an existing pest control business in my area very soon for approximately 250-300K. I have no business debt. Who do I go to for the loan???
June 30th, 2011 at 12:33 pm
You are going to have to have some collateral. You may be able to use your existing home (take a 2nd mortgage). Your next option is an SBA loan from a bank but you will need at least 20% down and they are likely to only lend against real assets only (trucks, buildings, resalable equipment.) Your best option is to see if the owner will carry the note. It may cost you a little more than you had budgeted but it is likely the only way to secure financing. Good luck
http://www.sba.gov
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July 2nd, 2011 at 4:33 pm
To add on to Billy’s, you can always find a partner too! Make sure your partner is an asset, not a liability. Good luck!
http://www.sba.gov
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July 5th, 2011 at 2:33 am
If you’re doing good now, skip any loan and try to expand. Find what works for the other company that makes them worth that , and then do it. Your company is worth more without that kind of debt.
We started our business with $500 and a little skill.
http://www.sba.gov
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July 7th, 2011 at 12:34 pm
If you do not have a bad credit getting business loans are easy. It is generally seen that bad credit acts as an obstacle in the smooth running of a business. Are you also facing the same problem? No need to worry, as bad credit business loan is here to solve all your problems
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