Frequently asked questions

• I’m considering buying a business. Where do I start?

  In any business acquisition, there’s upfront due diligence we can guide you through to make your purchase experience faster and easier. We’ll help fine tune your lending options (which may include multiple solutions), so you’ll gain confidence that your ambition is well within your financial scope.  When it’s time to make an offer, you’ll also have the right paperwork to show the buyer serious intent.

• What are important steps in the business acquisition process?

  The first is knowing your lending options. In addition to conventional financing, many buyers take advantage of Small Business Administration (SBA) loans. These loans have more flexibility for down payment options, often as low as 10%. Together, we’ll go through the business’s financials to make sure you’re buying a financeable company, and one that matches your strengths, goals and expertise. We can even help with your letter of intent (LOI) by making sure what’s being offered is SBA compliant and the terms are bankable. This document is the starting point for negotiations and has your offer, payment structure and contingencies. We really try to bridge the gap between being bankers and advisors.

• I’ve heard SBA loans are slow. Is that true?

  We have the benefit of being an SBA Preferred Lender and have the authority to make our own credit decisions. This removes weeks from the process. We’re a bank that can move at the speed of your business.