Yep, it's pretty straightforward: this is the loan that will help you buy an existing business or franchise. Which means you can take advantage of that stellar business opportunity even if you don't have a stack of cold, hard cash sitting around.
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It's no secret that the startup phase can be pretty backbreaking, so skipping it can be smart way to give yourself a leg up in small business. Buying an existing business or franchise enables you to hit the ground running and leverage existing resources to accelerate your growth - which often means you can get farther, faster. See, you're like Einstein but with much better hair.
For most small business loans, your lender will look at factors like your credit history, time in business, and revenue to determine whether you qualify. If you're buying a business or franchise, your lender will look at slightly different criteria as a way to make sure that you're investing in a viable business - and thus will be able to pay back the business acquisition loan.
Be prepared to show records of the business's financial performance and valuation, as well as a business plan and financial projections. Your lender will also want to talk about any related experience you have that will help you successfully manage and grow the business.
If you don't have all your paperwork ready, don't worry - you can start exploring business acquisition loans today. Take a few minutes to answer the questions in our online application, then compare loan options from 75+ best-in-class lenders.
Here's another sweet fact about business acquisition loans: if you meet the qualifications, you can get an interest rate as low as 5.5% - which means you'll save a bundle of cash over the lifetime of your loan.
