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Purchasing Gas Station Essential Questions?

I am wanting to start investing my money when I turn 18, I am 17 right now and I am thinking of ways on how I can purchase a gas station to run. My questions are when I apply for a loan can I use a personal loan from wells fargo or a federal credit union? Or does It have to be a SBA 7a loan? Also, when I am purchasing a new gas station can I use there previous business plan for the loan?

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The BAF Group LLC

Although SBA does not appear to have minimum age, they do have requirements for experience. At your age Nathan, I do not believe SBA would consider you. I would check with them, but that is definitely going to be a consideration. Moreover, getting a "personal loan" from Wells Fargo or a Credit Union is going to be next to impossible. They will want to know what you are using the proceeds for, and when you tell them it is for a Gas Station, they will immediately require you apply through them for an SBA loan. In fact, Wells Fargo - when we last worked a loan with them - was next to impossible to deal with on SBA loans, and specifically would not deal with Gas Stations, particularly if the property was part of the deal.

Finally, it is uncertain where you are, but the Gas Station business is getting tougher and tougher! You may want to check our blog about the subject:

I don't mean to look like I am trying to turn you off, but since 2007, the lending situation has become very difficult. You need to study the market carefully, before proceeding.

Mar 29, 2015

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