how to get a loan
Hi, I have been working for this business for 5 years and I five years plus and I now have the opportunity to buy this business now they want $130,000 I have no assets and and no money saved I was wondering how I would go about to get a loan to buy a business that’s already established with no money down if there was any kind of federal relief grants or anything like that that could help me out the business makes about $150,000 a year and I plan on bringing that way up after I received the business is there any kind of information on anything that you could please help me with and my credit scores like a 660 any information would help thank you for your time Tim Hasting
We’re not aware of any federal programs that would help you buy a business without a down payment – even SBA loans require a down payment. One thing that you may want to consider is 401(k) business funding. If you have any money in an IRA or 401(k), you may be able to use those as a down payment for an SBA loan.
Your only other option is probably to arranging financing with the current owners of the business to pay them off over time. However, even private loans typically require a down payment. If you haven’t started saving yet, that would be a good first step toward having a down payment for the business.
Best of luck,