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I am interested in purchasing an existing, successful business from my current employer. I have talked with my bank and even though I have cash to put into the deal, his concern is the lack of collateral. The current owner is retaining and then renting the business real estate and business equipment is minimal. Since this is essentially an unsecured request, would an SBA Advantage 7a work?

Question – I am interested in purchasing an existing, successful business from my current employer.  I have talked with my bank and even though I have cash to put into the deal, his concern is the lack of collateral.  The current owner is retaining and then renting the business real estate and business equipment is

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If I am applying for a business loan, what type of information does the bank usually ask for?

If I am applying for a business loan, what type of information does the bank usually ask for? Answer —- When applying for a business loan there are a number of forms and documents to fill out for the bank.  While the information required may vary by bank, here are a number of items that

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What is an SBA loan and would I want one?

Question – What is an SBA loan and would I want one?  I hear that term a lot when looking for small business financing but not sure why I would want the government more involved in my business than it already is.   Answer – In some cases you don’t want or need an SBA loan.

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