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Have 40k and looking to buy a business in the Tampa area. How would I start looking into financing or loans?

I'm new to this and just need to know where to turn to get started. I doubt I can purchase a business for the cash I have that will be worth my time, but it could make a good down payment. Any help would be much appreciated.

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Answers (6)
Stacy Alario,FCBI
American Business Brokerage, Inc.
Sarasota County, FL

Dear Scott,
Many of the business owners we represent have seller financing available. I would be happy to discuss your options. Please contact me at American Business Brokerage. 941.957.1414
Sincerely,
Stacy L. Alario, FCBI
American Business Brokerage
...we sell businesses confidentially.

Feb 20, 2011
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DJB Business Brokers
FL

Yes you can purchase a business .... and you may need LESS than the 40K you are liquid for.

There are several steps that go into a successful business purchase, many of which are common in practice. Examples would include taking the time to write a realistic business plan, visiting your local SCORE office, meeting with other local professionals PRIOR to buying a business.

You can finance a business purchase with several structures including, seller held financing, SBA loans (Micro, Patriot, and conventional), Earn outs, partnerships, equipment financing, leases, just to name a few.

I would first suggest that you speak with your inner circle to discuss your merits of entrepreneurship. If you have a sincere belief in your inner abilities, it can be done.

You can do it!

Feel free to contact me if looking in the Tampa Bay, FL area anytime. I can be reached at www.DjbBusinessBrokers.com.

Dec 14, 2010
Kevin Blank
........................................
PA
Premium Broker

Scott,

First you need to find a business for sale that you are interested in or look at new franchises if you want to start from scratch with a proven business model. Because you have 40k, you should try to keep at least $10k for operating expenses so that leaves you with about $30k to put down. With only $30k to put down, you will need to be looking at businesses around $100,000 to $125,000 because you can offer less than asking.

It may be hard to find something with proven cashflow in that price range so you may be better off looking into starting a franchise. We specialize in the home care industry and can help find the right home care franchise for you. The home care industry is booming and will continue to do so for the foreseeable future.

Once you find a business or franchise, then you should go to a bank that deals with SBA microloans because of the lower amount of capital you will require. Most SBA loans start at $250,000 or more so they now have microloans.

Nov 5, 2010
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Biz2Credit LLC
New York County, NY

Scott,

We at Biz2Credit (www.biz2credit.com) have over 150 banks and 200 plus products to match your varied business credit needs. You can fill out a free loan application on www.biz2credit.com and see your options in real time and decide to work with lenders either on your own or through a dedicated case manager from Biz2Credit at a low monthly cost. Once you get matched with a lender, you can use the document management system to upload and maintain all the documents , share it with lenders and other partners you work with. Also being a registered member helps you to get free updates on new lenders ,lending product and tools to build and manage your business credit from our partner, Dun & Bradstreet.

Nov 5, 2010
Michelle Goebel
Goebel Business Services
Making Business Ownership a Reality.
Pinal County, AZ

Mr. Briscoe, are you looking for an online business that could be run from anywhere or an area specific brick and mortar store? Are you looking for a loan under $150K or over $150K? Do you know your FICO score? Please let me know what type of business you want and the purchase price range and I'll have a better idea of what to suggest for you. You can reach me at mgoebel9@gmail.com, mg@goebelbusinessservices.com, or http://www.facebook.com/michelle.goebel1
Kind Regards
Michelle Goebel

Nov 3, 2010
G3 Business & Commercial Brokers
Govoni & Company, Inc.
FL

Hi Scott:
I can help you by finding you a business in this area with possible owner financing. Please check out my web site www.govonigroup.com or you can e-mail me anytime at linda@govonigroup.com

Thank you,
Linda

Nov 3, 2010

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