If you are looking to purchase a business, you must first know the business loan requirements necessary to get the business for sale that you want. Rock Rose Realty Inc. in Orlando has ample experience dealing with business purchases and they understand the intricacies of purchasing a business. Contact us if you would like to learn more about how we could help you buy the business you want or visit our website to see our listings.
Small Business Loan Requirements
When you get ready to start a new business, chances are good that you do not have the capital to do so on your own. This is where a loan comes in. You can opt for a small business loan the Small Business Administration, but you need to make sure that you are aware of all the requirements in order to qualify for the loan.
- How Much You Need: For a small business loan, you can borrow anywhere up to $5 million but you will not be able to get the full amount that you need to purchase the business without offering a down payment.
- Additional Fees: There a number of fees that you have to keep in mind when you purchase a business such as application fees, closing costs, and prepayment fees. Also, SBA loans have a guarantee fee of 3% of the amount of the loan on loans over $150K.
- Schedule of Repayment: The schedule in which you repay your loan is going to depend on what business you purchase and what your preferences are with regards to your total loan cost. That is, if you pay the loan out over a longer period of time you are going to end up having lower monthly payments but you will have to spend much more time paying interest and end up paying more total overall.
- Interest Rates: Interest rates fluctuate over time depending on what the rate is on the market. You will have to factor in current interest rates into the total cost of your business and consider how this will impact your decision.
Do You Need a Business Loan?
To get a business loan, you must first find a business that you want to purchase. This is where the help of your broker comes into play. They can help you select the right business for sale and then assist you through the purchasing process. Because they have had ample experience in the business, they can talk you through the various business loan requirements.
If you are in Orlando, contact Rock Rose Realty Inc. to speak to a broker about getting the business of your dreams.
Do not let the right business for sale slip through your hands. Speak to a broker about getting a business loan for the business you have been searching for and finally begin the process. If you would like to learn more about getting the right business, contact Rock Rose Realty Inc. in Orlando.