Pre-Qualification for SBA Financing

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by a lender from North Carolina State University - Poole College of Management
in Raleigh, NC, USA

1yr ago

Pre-Qualification for SBA Financing

Business “buyers” are turned down by business brokers all the time due to the inability to prove your worthiness as a true buyer.

More often than not, requesting information on a business listing requires a pre-qualification or Proof of Funds.

If you as a legitimate buyer are hesitant to provide this information—then why should a broker take you seriously?

Pre-qualification is an important step in the process to determine whether you are a true candidate looking to pursue a business listing.

I encourage all buyers to take a few minutes and speak with a lender to determine your ability to obtain financing and help narrow down your search criteria.

Not only will it save everyone’s time—it could lead to your first successful acquisition.

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reply by a lender 1yr ago
from Kaplan University in Midtown Atlanta, Atlanta, GA, USA

“Those you think that will won’t and those that you think won’t will” You can go to the car lot and examine a car prior to making a commitment to purchase so why should a business be any different. As a buyer you may not if you want to buy the business at the time of beginning your examination of a business. As a lender I would not provide POF unless I was able to examine a business first to see if it’s a good fit for my company. If the potential buyer can’t get the financials upfront then where does that leave the seller the investor and/or lender? I think this mentality creates a void in the market and why most business never sell.

reply by a lender 1yr ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

We provide pre-approvals both borrower and deal specific all of the time and help our clients analyze opportunities pre-LOI, all at no-charge. So if you need assistance, we would love to help out. You can reach me here or directly at redacted