![]() One issue is that 11 years ago I went through a divorce and a very messy financial situation and declared bankruptcy. We have everything we need now, but there are a few larger pieces of equipment and some upgrades we could make that would help tremendously. Due to this we have some cash reserves but not a lot in the bank. We started from nothing and over the last seven years we have slowly purchased equipment as we could afford it. My wife and I own a small meadery in Pennsylvania and while we are doing good, I feel, and numbers agree, that we need to increase our production and soon find a larger production facility. I'll be honest in saying I don't have any idea where to even start looking for a small business loan. I'd start by contacting your local SBA office and ask them about the local 7A lenders you can work with and have them help guide you along. Some industries are different but generally evaluations usually fall around 4 to 6 times EBITDA assuming the business wan ran decently.Īs far as personal guarantee, scroll up to read my previous response for details on that subjectĪssuming you have the down payment, a good personal FICO score and are looking to acquire a decent company, it's not incredibly difficult. The seller should be doing this with their CPA to provide validation to the purchase price they are trying to set. The bank will want to see an evaluation done to determine the value of a business. The bank that you choose that partners with the SBA on the loan might have minimum loan amounts, but there are so many banks that offer 7A that your options will be wide ranging. The 7A can fund 90% of the transaction and you'd be responsible for the other 10%. ![]() The SBA doesn't initiate the loan on their own, they have a ton of lenders they partner with to write the loans. It works on business acquisition loans with no real collateral. The Small Business Administration has a loan product called 7A that tackles this exact issue. ![]() Location Specific Small Business Subreddit No Personal Attacks, Trolling, or Toxicity.You can promote your business in a relevant reply to a post or comment in other threads. Offers of free services under the pretense of 'building your portfolio' are considered business promotion, and not permitted in posts. Promote your business in the weekly Promote-your-business thread only. Practically all content, small business-related or not.Īllowed are links or quotes in comments and replies that are relevant to and come normally in the course of discussions. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread.īlogspam has been defined very early in r/smallbusiness as content that maybe text articles, images, or video. NO business promotion, lead generation, rants, info-tainment, success stories or unsolicited instructional texts, treatise, or how-to's are permitted in posts. You ask a question about starting, owning, and growing a small business and the community answers. R/smallbusiness is a question and answer subreddit. Post only questions about small business.To get flair added to your username, message the moderators. For additional information, you may visit the FDIC website at American Express® Business Line of Credit and American Express® Payment Accept are trademarks of American Express.This sub is not for advertisements! Questions and answers about starting, owning, and growing a small business. Coverage amounts vary based on factors such as account ownership, beneficiaries, and number of accounts with the same institution. Funds deposited within American Express National Bank deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to at least $250,000 per depositor. Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH.Īccounts offered by American Express National Bank. APY is subject to change at any time without notice before and after a Business Checking account is opened. ![]() No interest is earned on account balances over $500,000. APY is applied on account balances up to $500,000. Annual Percentage Yield (APY) as advertised is accurate as of.Back to top Footnotes ‡Terms and Conditions
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