When applying for a loan to buy a business, you will need to provide certain information to the lender to enable them to make a lending decision. Although the exact documentation needed will vary from application to application, the lender will usually need the following:
A fully completed application form
Financial projections outlining expected future trade
Two years' accounts for the business
Three months bank statements from the business (in some cases)
Six months' personal bank statements
A CV detailing any relevant experience
A detailed business plan
What if There Are No Assets? Unsecured business purchase loans are designed to be taken without security. As such, although applications where the business has a strong asset base are desirable, it isn't crucial. If you're looking to buy a business with no assets, let us know and we may still be able to fund it.
How To Find Financing When Buying a Business
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Many entrepreneurs choose to buy an existing business rather than start one from scratch. Here are the different financing options available to you. By: Sean Peek, Contributor
Financing options are different when you're buying an existing business. — Getty Images/Jirapong Manustrong
There are many benefits to buying an existing business. You'll already have an established customer base, knowledgeable employees and reliable cash flow. Each of these perks will help you obtain a loan to finance the purchase; but doing so is no easy feat. Before you try to secure loans or funding, you'll want to do your research. Here's everything you need to know about financing your business acquisition. Ways to finance buying an existing business
Financing the purchase of an existing business is different from financing a new business. Because an existing business already has a track record of success, it's often easier to get funding for this type of investment than for a brand-new startup.
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Published February 25, 2019
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