Does anyone have experience buying a wedding venue business?

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November 23, 2021

by a searcher from Harvard University - Harvard Business School in New York, NY, USA

What is the SBA funding program that everyone is using to buy these businesses? I am interested in a wedding venue business and was also wondering if anyone has any experience in such a business and if so how did they go about getting it funded? Wishing everyone a Happy and Healthy Thanksgiving. Cheers, Michele Paige

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Reply by an investor
in Benton Harbor, MI, USA
Hi Michele - have multiple venues and other wedding businesses. Haven't yet used SBA to buy a biz in this sector, but the SBA 7A program certainly seems like a good option. Would be happy to discuss the industry. We are most certainly on the lookout for additions to the portfolio and often co-invest. Cheers!
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Reply by an intermediary
from University of Texas at Austin in Austin, TX, USA
For projects that will have a significant real estate requirement (like a large event venue), you may want to consider SBA 504, or lending programs that offer aggressive rates for owner-occupied real estate. You should review with an SBA lender specifically (regional banks tend to be best here) - but I believe for 504, you can get up to 20 year amortization if the real estate is more than 50% of the transaction. Double check this fact, but do explore 504 where there is larger CRE alongside the business acquisition.
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