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Are there any other financing options (besides SBA) for buyers of our business?

We have our ice cream store listed for sale (real estate not included) and have a couple looking to get an SBA loan for the business. Knowing that government $ is hard to touch I am not holding my breath on that going through and I am wondering if there is somewhere else I should direct them to look at borrowing the money from?
The business purchase price is $140k (includes equipment, antiques and recipes + training) , we are in our 4th year of business and it turns a profit. We are moving out of the country to retire and fulfill our dreams ;-).

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Answers (3)
Larry Baumgart
Performance Business Advisors
Kalamazoo County, MI

There is a small know loan opportunity through the USDA (US Department of Agriculture). The business does not have to be an agriculture business, but does have to be in certain zones that are lower population zones. The USDA zone definition is a bit surprising on how high that some of the zones go. You have to find the opportunity through a local bank. You can also search the USDA site and you may be able to get a local USDA rep that can steer you to participating local banks.

Nov 14, 2011
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Stearns Bank
Business Development

There are banks, like the one I work at, that are SBA preferred national lenders. We don't have to check with the SBA before approving a loan because we have done so many of them and worked with the SBA for so long. As long as the loan fits the requirements as Don said we can close quickly. If you have any questions for me or if the buyer wants us to take a look at possibly lending them the money, feel free to email me at

Nov 14, 2011
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The BAF Group LLC

SBA is your best bet. And if the business meets the SBA's requirements, it is not actually difficult to deal with them. If you do a LOT of credit card sales, sometimes a private credit card processor will lend some, predicated on the volume of sales produced.

In food businesses, unfortunately the biggest number of loans come right from the Seller.

Nov 13, 2011

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