this post was submitted on 16 Nov 2023
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Business broker here.
A $6-$7M business can be purchased using a maximum of $5M from an SBA loan and then either seller financing or a conventional bank loan.
Plan on bringing around $1M to the table of your own money or from private investors. You may be asked to put down 10% of the purchase or supply your own working capital once you take over.
Your story matters. The bank and the seller need to feel confident your team has the experience to run a business of this size and industry.
my experience with SBA was absolute crap. they would not lend me a penny, eventhough I was willing to put 50% of the price. SBA are piece of shit. All they wanted to do was make me go on seminars and give me useless advice.
Maybe if you went to those seminars you’d understand what SBA actually does
I did go and did understand what they did. still of opinion that they are useless.