SBA Loans: Tips For Faster Business Purchase Financing
It is no surprise that business buyers who require business purchase financing to fund their business purchase want a loan secured as quickly as possible. Different types of funding have different requirements and therefore take different lengths of time to acquire.
The average time it takes to secure SBA business acquisition financing is between 30 and 90 days, however, there are a number of ways that business buyers can prepare in order to ensure a much faster process.
Have the following items ready to present to your lender for faster SBA loan approval:
- Buyer's Personal Financial Statement
- Buyer's Professional Resume
- Signed Purchase Agreement
- A Short Write-Up About The Business Being Purchased
- A Copy Of The Business's Lease
- Current Business Owner’s Reason For Selling The Business
- Personal Federal Tax Returns For Business Owner/Sellers With 20% Or More Business Ownership (Past Three Years)
- Corporate Tax Returns For Any Affiliate Company With 20% Or More Business Ownership By Owner Of Applicant Business (Past Three Years)
- Corporate/Partnership/Sole Proprietorship Tax Returns Of Business Being Purchased (Past Three Years)
- P&L / Balance Sheet Of Business Being Purchased ( Interim And Past Three Years)
It is important to remember that an organized, complete file that is presented to lenders is much more likely to be given priority by loan underwriters, while incomplete files may likely be hard pressed to find consideration for a loan altogether.