Small Business Funding Tips

by Jill H West on Saturday, February 1st, 2014 | No Comments

Get Small Business Loan

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get small business loan question by pololous: Business Loan on a purchase of an existing business?
I am looking for loans to finance an existing detailing (26year running) business. Whats for sale is the busienss, business name, equipment, and client el for $ 27,500. I have some personal credit card debit but my score is pretty good. I don’t own anything but a small masonry business currently and 2 vehicles. I would like/think using the established detailing business as collateral would be enough to get a loan?

Any ideas, thoughts, advice?
tom_gpp >>> Do you mean a score of 620 or better good?

get small business loan best answer:

Answer by 16 yr groomer
Sounds like you are buying a “service” business. I just did this for a grooming shop. Although, I have good credit too , I had a tough time getting a loan on a service business as well. Keep trying. I had to go through 3 myself. Do you belong to a credit union bank? Those are usually your best bet.

A service business should only ask what the business makes in a year plus equipment. Thats it!! Make sure you look at their books. You do have that option since you are a serious buyer.

I had to put up my personal items to buy a service business. Just all depends on how good your credit is. You might have to put up your existing business to get the loan. You can talk to a loan officer at any bank for free. They usually have good advise for you since that is what they do.