Advertiser Disclosure

In a rush? We recommend comparison shopping for a loan with Lendio.

How To Get A Business Acquisition Loan

  • 2 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Shannon Vissers

Shannon Vissers

Shannon is a writer and editor based in San Diego, CA. Shannon attended San Diego State University, graduating in 2005 with a BA in English. She is the former editor-in-chief of SteelOrbis, an online trade publication. Shannon has also published articles for LIVESTRONG.COM, eHow, Life'd, and other websites. She has been with Merchant Maverick since 2015, writing about POS software, small business loans, and financing for women entrepreneurs.
Shannon Vissers
Leave a comment

2 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Elonne

    Hello, I am wanting to acquire a community home business that has been up and running for over twenty years and has a pretty good reputation. It is a 44 bed facility. The owner is older and is wanting out. The asking price is 550,000 with 75,000 down or he will finance himself with 100,000 down. I will actually be running the facility and have a medical back ground where I am possibly looking to incorporate patient care and or phlebotomy needs myself, while my brother will be the purchaser. The business is located in SC. His middle credit score is 681. He has had his own business since 2004, and has been working at a regular job as well for the last for years. My ex and I had a business as well for about 6 years. After the big break-up I returned to college. I am currently taking patient care, phlebotomy and cardiac care courses as I would like to be very well rounded in this new endeavor. I also possess business office administrative experience. Any suggestions on lenders that would be a good fit please?!

      This comment refers to an earlier version of this post and may be outdated.

      Shannon Vissers

      Hi Elonne,
      That sounds like a pretty good deal! I’d recommend first trying to get an SBA-backed bank loan, or a regular non-SBA bank or credit union loan, as these have the best rates (better than online lenders). However, the amount you need is not that large, so an online loan could still be a viable option if you need the funds faster and/or don’t qualify for a bank or SBA loan. I’d recommend using SBA’s lender match tool to check out SBA-backed banks that could meet your financing needs, and also Lendio, which searches online lenders as well as banks based on your needs and qualifications. Using both of these tools will give you a good idea of the loans available to you and their rates.

      One more thing – you didn’t mention your personal income source, but just keep in mind that lenders will want to see proof of your income to make sure you will be able to repay the loan.

        This comment refers to an earlier version of this post and may be outdated.

      Leave a Reply

      Your email address will not be published. Required fields are marked *

      Your Review

      Comment moderation is enabled. Your comment may take some time to appear.
      Please read the "User Review and Comment Policy" before posting.

      Share

      Featured Offer: We Recommend QuickBooks 🎉

      Take QuickBooks Online for a spin with a free trial!

      Try QuickBooks Today

      Learn More About Our Top Pick 🏆

      Payment Depot is our #1 choice for credit card processing!

      We love Payment Depot's predictable pricing and excellent service.

      Learn More At Payment Depot

      Want To Find The Perfect Business Credit Card For You? 🎁

      Check out our partner CardRatings to find the right card for your credit score!

      CardRatings will help you filter your card options and make comparisons. 👌

      Compare Your Options

      At CardRatings

      Learn More About Our Top Pick 🏆

      Lightspeed is an iPad POS perfect for retail and restaurants!

      Visit Lightspeed to see all the features you're missing!

      Learn More At Lightspeed

      Learn More About Our Top Pick 🏆

      Lightspeed is an iPad POS perfect for retail and restaurants!

      Visit Lightspeed to see all the features you're missing!

      Learn More At Lightspeed

      ⭐️ Featured Promo! ⭐️

      Sign up now and qualify for a limited time deal!

      Standard Plan: One month free ($29.95 value)
      Plus Plan: Two months free ($159.90 value)
      Pro Plan: Three months free ($899.85 value)

      Learn More

      At BigCommerce

      Featured Offer: Need Help Picking the Best Lender? 💵

      Lendio is a marketplace service that provides multiple custom quotes side by side!

      It's free to use! Try it out and find the best rate today. 👌

      Sign Up At Lendio

      Featured Free Trial: We Recommend Intuit Online Payroll 🎉

      Take Intuit Online Payroll for a spin with a free trial!

      Try Intuit Today for Free

      Featured Offer: Need a User-Friendly POS at a Reasonable Price? 💵

      ShopKeep is an iPad POS perfect for small businesses!

      Get a demo today! 👌

      Learn More At ShopKeep

      Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.