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My business partner and I are currently looking for our first business. We have decided to go the route of an existing business, due to the fact that if we do our research, we should be able to cut out a lot of the risk. We wish to use an SBA loan to finance the purchase, where we will need a down payment of 10%, with the seller carrying back the other 10%. Our price range for our business will be 200k to 600k.

Since our goal is to finance the downpayment, in order to obtain the loan, my question is: Where can we go to find an investor willing to loan a smaller size dollar amount (i.e. $50,000), for high interest payments for a year? We don't own a home, but have our vehicles which are valued at $27,000 combined.

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Have either of you applied for a LOC line of credit using a bank or a credit card company? Wells Fargo has nice loc's. Often if you already have credit from a bank you can obtain more by asking. HSBC might have a credit card with a higher limit you can use. all high interest solutions which I tend to hate for start up business. Very risky but who knows maybe your deal you are shopping is golden.

Also hard money lenders may help you but it will be at a very high price. you better make sure its worth it to borrow at that high rate! Make sure the deal makes sense.

You could find a private lender. advertise for one make them part of the deal. secure them with a second lien on property you buy or ect. Last buy not least is find a money partner. I hate partnerships personally even though I have one left yet. The one I have is a great partnership but i went through a lot of bad ones to find a good one. I like to do my own deals now.

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