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Does anyone know where I can find a good Down Payment Assistance Program for a business aquisition?

I have a 650 credit score and looking to purchase this very profitable business, I found on BizBuySell and approved for everything for the loan but the 15% Cash Injection. The seller is willing to take a second note but banks are not allowing it any more. I would need a little over $82,000 as the business cost $549,000. PLEASE ADVISE

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Answers (3)
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Valley Ventures Inc.
President
Hancock County, WV

Wow...this is a tough one. Your credit score will make it very difficult to get his done. You also state that the seller is willing to take back a second and the current lender will not accept. That's NOT althogether true. Try a different lender. Unless the seller has some credit issues that the bank is questioningt, you should be able to get another more accessible bank lender to go along with this. But, depending on where you live, you may qualify for a loan from a revolving loan fund. You can check your local SBDC (Small Bussiness Development Center) if there is one in your area. Hope this helps. If not...get back to me and I'll see if I can hook you up with someone in your area who CAN!
mikestrean@valleyventures.org

May 27, 2009
Michelle Orr
Wells Fargo SBA Lending
Business Development Officer
Fairfield County, CT

Justin,

Are you looking for 100% financing to purchase this business? I can tell you from experience of being a small business lender for over 10 years, no one is offering 100% financing. Lenders like to see that the borrower has some "skin in the game". If you don't have enough for a down payment it seems like you may want to consider bringing on a partner who does, or perhaps a family member can gift the funds to you?

May 27, 2009
Douglas Batts
Murphy Business & Financial Corporation
Collin County, TX
Premium Broker

Justin, I suggest you check with http://www.acciontexas.org. They have national programs and will do micro loans that use collateral like cars and other assets to make the down payment and financing easier for small business buyers. I hope this helps...

May 24, 2009

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