Deal Structuring without SBA financing

Hi everyone, looking for perspectives on structuring acquisitions without SBA financing, particularly for smaller manufacturing deals. I’m currently pursuing the acquisition of a small U.S.based manufacturing business in the ~$400k–$700k purchase price range (approximately $100k–$200k EBITDA). While SBA loans are commonly discussed for deals of this size, I’m exploring alternative financing structures where SBA approval may not be feasible. For those who have completed or advised on non-SBA transactions in this lower-middle-market range: • What capital structures have you seen work well without SBA debt? • How common is seller financing as the primary funding source, and what terms tend to align incentives effectively? • Have buyers successfully combined smaller equity contributions with personal loans, investors, or revenue-based structures? • From a seller’s perspective, what structures increase confidence when traditional bank financing isn’t involved? • Any pitfalls or deal risks that first-time buyers often underestimate in non-SBA transactions? My goal is to understand realistic pathways that balance risk for both buyer and seller while keeping transactions financeable at smaller deal sizes. Appreciate any insights or examples from your experience. Thank you in advance!