Working your butt off for a small business with tons of potential but you know you could run it better? I guess that was kind of cynical. You could also just be interested in acquiring another smaller business to add to your current inventory and locations. Either way, if you want to purchase a business that already exists for whatever reason, a business acquisition loan will help you do exactly that.
Wait, there’s actually a loan just for buying another company?
You’re darn right there is. People rarely think about business acquisition loans, but actually Lendio has tons of experience getting funds to buy small businesses.
But aren’t you an advocate for small businesses? Why help buy them out?
Ever seen The Lion King?
Oh no, are you going to sing “Circle of Life”?
Okay, fine, we’ll spare you the song. But keep in mind that some businesses are dying and need to sell off their parts to break even. Other times buying out a small business helps keep both businesses alive (in a sense). And remember, we are helping small businesses, or future small businesses, by enabling them to buy other small businesses. We aren’t giving loans to Walmart to buy up your favorite mom-and-pop.
Come to think of it, I know of a business I’d love to run, and I’m sure I’d do a better job than the current owner…
There you go. Think cynically, act locally.
Awesome business acquisition loan facts:
- Typically 10-year terms
- Low interest rates
- Start earning equity in your new business
Other facts (that may be slightly less awesome):
- Requires 15-25% down
- Paperwork-intensive application
You should also know that you can borrow up to $5,000,000 if needed, and you could be funded and ready to buy that business you’ve had your eye on within 30-90 days.
Okay, I’m convinced. I’m going to buy that company after all.
Naaaaaants ingonyamaaaaaa bagiiiithi baba.
Just watch the movie.