How to Get Pre-Approved for an SBA Loan to Buy a Business
How to Get Pre-Approved for an SBA Loan to Buy a Business
Looking to secure SBA financing pre-approval for your business acquisition? In this episode, Beau shares valuable insights on the pre-approval process and what you need to prepare.
In this episode, we cover:
- Necessary documents for pre-approval
- Understanding SBA loan options
- The role of a financial package in securing financing
- How to approach banks and lenders for the best terms
- Key considerations for pre-qualification as a buyer
Are you an entrepreneur or business owner looking to buy or expand a business? Book a discovery call with Beau to learn all the ways he can help you - https://investorfinancingpodcast.com/rumble
Timestamps:
(00:02) Introduction to securing SBA loan pre-approval for business acquisition.
(00:16) Being prepared with a checklist, including form 413 and a personal financial statement.
(00:44) Pre-qualifying questions regarding credit, occupation, expenses, and business status.
(01:35) The process of finding a business involves signing an NDA, preparing forms, and engaging with banks and lenders.
(02:00) The initial package requirements, including financials, tax returns, and various forms, and the subsequent steps in obtaining term sheets.
(03:41) Details about structuring the deal, evaluating terms, and considerations for loan amounts and collateral.
(05:09) Collaborative Process: Reviewing term sheets, addressing bank questions, and clarifying details through calls or discussions.
(05:50) The critical role of business financials in obtaining a term sheet for evaluation.
(06:04) Expectations regarding the timeline for obtaining a term sheet, typically within 7 to 10 days.
💥 Thanks for watching 💥
#SBAloan #SBAloanpreapproval #businessacquisition #financialstatements
About Beau: Beau Eckstein is a franchise consultant, commercial mortgage advisor, and business ownership coach who helps entrepreneurs buy, build, and expand their businesses. He assists aspiring entrepreneurs in finding their ideal franchise or business opportunity. Beau's expertise as an investor and business owner allows him to guide clients through the entire process of acquiring, funding, and growing their ventures.
🎥 The video interviews we do on IFP will help you scale your real estate business and learn how to finance your all your projects.
About the Channel: Want to structure your investments in the right and secure way?
Learn great insights and make the right decisions through the Investor Financing Podcast hosted by Beau Eckstein.
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