Does anyone have any experience or knowledge of searchers who have self funded the equity for their deal. For example, would it be possible to find a company for $1 mm, fund the deal with 90% SBA Loan / 10% Equity with the 100k in equity coming out of savings? I can see a couple of potential issues:

Getting SBA approval, would this be difficult without deep pockets / or deep industry experience?
Business lack the size / scope to have a management team in place. I assume that would make things more challenging in the beginning. It seems like you could offset that by getting the seller to stay on and provide training after the sale. I assume there would be additional upside / the business would be more attractive in a future sale if you were able to grow it to the size where you could bring in some type of management team?
I assume there would also be some issues where you're basically buying a job for yourself.

The obvious upside here is that you would be able to retain control and after paying down the debt would have a significant equity position.

Am I missing something here? Why isn't this talked about more as potential path?