Today’s SBA Loans Tip: Credit Cards Cant Be Utilized For Business Purchases With SBA Financing – I have had a few clients purchasing a small to mid-sized business who have wanted to use credit cards to “finance” their down payment. Sorry you can’t, first the SBA doesn’t allow “borrowed funds” for down payments, and second you would be raising your personal debt load that would probably get you ejected from the loan process in the end. Funds for business purchase financing down payments usually come from: savings, investments, home equity, or gift money from family members.
Today’s Featured SBA Financing Pre-Qualified Business For Sale:
1. Lee County, Florida based casino style game room opportunity for sale – Casino style game room – an absentee owner’s dream – 71 server based and networked gaming machines plus video surveillance. All internet accessible to facilitate a complete remote management capability. Popular location with great parking. Highly visible signage located on the main artery in the community. Numbers shown are through October 31, 2007. Deal Structure: Price: $660,000, Adjusted Net: $318,431.
2. Birmingham, Jefferson County, Alabama based moving & storage service business for sale – Full service relocation company that provides local and long distance moving services. The business caters to residential and commercial customers and offers a variety of moving services such as relocating large pieces within the same home or office.
The business has earned an excellent reputation in the market and is positioned for continued growth. Deal Structure: Price: $375,000, Adjusted Net: $122,492.
* Note: These businesses have been business pre-qualified only - buyers of these businesses will also have to be pre-qualified - before SBA loan business purchase financing may be obtained. Approximately 32 different factors (buyer/seller info) are evaluated in the SBA loan process for business purchase loan financing.
NOV
About the Author
Peter Siegel, MBA, Founder and President of BizBuyFinancing, has been assisting business buyers, owner/sellers and intermediaries to obtain business purchase financing since 1990. For more information about business purchase financing, please phone Peter Siegel, MBA at 800-540-1811.