BASIC SBA QUESTION
If I buy a business for $1M, incl closing and loan fees, and I put down 20% and get the other 80% in SBA loans. How much of the $800K should I be able to back with personal assets and equity in addition to the 20% I put in the business?
I'm trying to answer what seems like a basic question on SBA but can't seem to find an answer online. I'm also not willing to reach out to a bank with such a question in fear on immediately coming across as non-credible.