Financing/loan experts

[JumpBallWinner]

If someone wants to borrow money to purchase an already existing small buisness, where is the best place to go? Do you just walk into a normal bank and ask to talk to a loan officer, or are there places that specialize in these types of things specifically?

If the buisness's financial records over the last few years prove that it makes enough profit for you to make the loan payments each month easily, then is it pretty much a shoe in that they will lend you the money?

 

[christopher2100]

How much do you want to borrow?

 

[JumpBallWinner]

How much do you want to borrow?

100k

 

[Razorguns]

If someone wants to borrow money to purchase an already existing small buisness, where is the best place to go? Do you just walk into a normal bank and ask to talk to a loan officer, or are there places that specialize in these types of things specifically?

If the buisness's financial records over the last few years prove that it makes enough profit for you to make the loan payments each month easily, then is it pretty much a shoe in that they will lend you the money?

this is a long and drawn out answer.

bottom line: whoever gives you money, has to feel CONFIDENT you can pay them back easily.

It's up to you to make them feel CONFIDENT. That doesn't mean lie, persuade, fudge #'s, etc. etc. Only go for a loan if

1) you feel CONFIDENT profits will incur immediately.
2) you will love doing this. even if you made no money for yourself - you enjoy this and love waking up in the morning to run this biz.

If not - think long and hard about it. Don't get emotional over anything.

Monies are made by mixing creativity + passion + hard work. You can excel and make money in anything. But those ingr. have to be there FIRST. And "it'll make me money" should not the at the top of the motivation list. That's why 90% of entrpreneurs fail.

r

 

[eddymerckx]

sba--but you need all your ducks in a row, plus a bunch of other ducks--but if you have a house and good credit, just do a hoe equity and write off the interest

 

[BNG]

Get your docs together to show the profitability, (history) assets (equipment, etc.), and have a clear business plan. These are way harder to get through than mortgages.

 

[GUARDIAN]

get some private investors to foot some of the bill as well (or all of it if u can)