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How To Get A Loan To Buy A Business: 5 Tips & 6 Business Acquisition Loan Options

    Shannon Vissers
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Shannon Vissers

Shannon Vissers

Expert Analyst & Reviewer at Merchant Maverick
The former editor-in-chief of SteelOrbis, Shannon has been researching and writing about small business software and financing since 2015. Her shopping and retail expertise has been cited in numerous publications, including Reader's Digest, MSN, Yahoo Finance, and GOBankingRates . She has also published articles for LIVESTRONG.COM, eHow, Life'd, and other websites. Shannon attended San Diego State University, graduating in 2005 with a BA in English.
Shannon Vissers
View Shannon Vissers's professional experience on LinkedIn.
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    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      This comment refers to an earlier version of this post and may be outdated.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.

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