Advertiser Disclosure

🏦 Get funded today with one of our top 5 lenders for 2020

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      This comment refers to an earlier version of this post and may be outdated.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

      Get 50% QuickBooks Online for a limited time!

      Take it for a spin with a free trial.

      Try QuickBooks Today

      We Recommend Payment Depot 🏆

      Payment Depot is one of our top picks for credit card processing!

       

       

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

      Get Started

      Get started with no commitment today.

      We Recommend Brex Corporate Card for Startups 🏆

      Brex Corporate Card for Startups is one of our top picks for business credit cards!

       

       

      For a limited time get 50,000 rewards points when you spend $1000 with Brex.

      Get Started

      Get started with no commitment today.

      We Recommend Fattmerchant 🏆

      Fattmerchant is one of our top picks for credit card processing!

       

       

      We love Fattmerchant's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      We Recommend Fattmerchant 🏆

      Fattmerchant is one of our top picks for credit card processing!

       

       

      We love Fattmerchant's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      ⭐️ 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

      We Recommend Helcim 🏆

      Helcim is one of our top picks for payment processing!

       

       

      Helcim has exceptional service and an advanced platform that we highly recommend for businesses in Canada and the US. Get three months free when you sign up with Helcim through our links!

      Get Started

      Get started with no commitment today.

      We Recommend PaymentCloud 🏆

      PaymentCloud is one of our top picks for credit card processing!

       

       

      We love PaymentCloud's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      We Recommend OnDeck 🏆

      OnDeck is one of our top picks for Business Loans!

       

       

      OnDeck is our featured vendor for business loans and lines of credit. If you have at least one year in business, a personal credit score of 600 or higher, and $100K in annual revenue, OnDeck is ready to help your business get funded.

      Get Started

      Get started with no commitment today.

      Get 50% Off FreshBooks ✨

      FreshBooks accounting is offering 50% off of their accounting and invoicing software for three months and a 30-day free trial!

      Start For Free

      No credit card required

      We Recommend Lightspeed POS 🏆

      Lightspeed POS is one of our top picks for Point of Sale!

       

       

      We highly recommend Lightspeed POS for small businesses looking for a feature-rich, tablet-based point of sale system. For a limited time, get up to $1,000 off retail hardware when you sign up through our link! Ends Sep 30th.

      Get Started

      Get started with no commitment today.

      We Recommend Fundera 🏆

      Fundera is one of our top picks for SBA loans!

       

       

      Fundera is a free-to-use marketplace that allows you to compare lenders side-by-side. Easily find SBA 7(a)loans alongside other financing options.

      Get Started

      Get started with no commitment today.

      We Recommend ShippingEasy 🏆

      ShippingEasy is one of our top picks for shipping software!

       

       

      ShippingEasy got a 5-star review from our team. Get a 30-day free trial to access discounted USPS and UPS shipping rates and print labels in no time. No credit card required.

      Get Started

      Get started with no commitment today.

      We Recommend Square POS 🏆

      Square POS is one of our top picks for Point of Sale!

       

       

      Square is free to use and include a free card reader at sign up! No credit card required to create your account.👌

      Get Started

      Get started with no commitment today.


       

      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.

      Sign up for the Maverick Newsletter

      • We occasionally send out emails with special offers.