I encourage all of you who are interested in buying a business to check out the information on SBA loans that can be found on the Small Business Development Center Network website http://www.sbdc-wmd.com
Below you will find some information on the Low-Doc SBA loan program.
King & King can help you find the right business and get it financed.
SBA’s LOW-DOC PROGRAM
Deals Under $150K
Principals can not have any Police Record
Guaranty Fee – 2-3% of Guaranty Amt – paid by Customer (can be financed)
No Set Equity %
Can’t use for refinancing old debt
2 Page Application
SBA agrees to notify the bank of approval/denial within 3 days of submission
Documentary Requirements still require Proformas, Personal Financial Statements, and Tax Returns
Bank Initiates Request to SBA – Bank Must Be “On-Board”
Interest Rate Charged – Bank’s Market Rate with the following caps:
7 yrs & up – NY Prime plus 2.75%
Less than 7 yrs – NY Prime plus 2.25%
Loans under $50K may carry a higher Interest Rate
For more information please call us or send an email to jking@kingandkingllc.com.
We have openings for business brokers. We will train you for your new career in business brokerage.
