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Have SBA lenders been rejecting all deals where buyer does not have DIRECT industry experience?

I am a "financial" buyer with a business under LOI and am considering SBA financing. I do not have direct industry experience. However, I have a strong balance sheet, plus finance, accounting, marketing and managment experience. Plus, we will retain all key employees and owner is to stay involved for a year. Will the SBA reject the application based solely on the lack of experience factor?

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The BAF Group LLC
MD

Unfortunately, there seems to be no rhyme or reason with a lot of the decisions being made at the SBA, today. It may depend on who is looking at your application. And a lot will depend on what kind of business you are buying and how you can skew that into what the new business requires.

Sep 1, 2009

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