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Q.How can I get financing to help me buy a business?
A.If you want to buy a business, but cannot afford the total purchase price there are a variety of sources available to finance the purchase of an ongoing business. They include: commercial lending institutions like banks, asset-based lenders, and seller financing. The availability of outside financing will depend upon the assets of the business you plan to buy, its operating history, collateral availability and projected cash flow.
Partial seller financing is generally also available. In this case, the seller of a business will take a secured promissory note (th business itself or its equipment and inventory as collateral) in exchange for providing partial seller financing. The Small Business Administration may also be a helpful resource for additional financing methods.
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