How to Buy a $2 Million Business for $200K - EP.35
Episode description
Today’s going to be a fun episode because we’re really excited to talk about today’s topic: SBA loans.
If you think you need $1 million to get started in buying a company then this episode is for you. You don’t always need to have the capital or the rich uncle — there’s another way.
In this episode we’re outlining everything you need to know about SBA loans — specifically the SBA 7(a) loan — and how you can go from dreaming about owning a business to owning one worth millions, yourself.
Key Takeaways:
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[1:00] About today’s show!
[2:33] What an SBA loan is.
[7:50] Do these loans have fixed or variable interest rates?
[9:07] A few of the caveats to getting an SBA loan.
[13:21] Why you may not want to go to 90% loan to value.
[14:36] Another important caveat if your business depends on the location that it’s at.
[16:54] Giving an example of a real business scenario using an SBA loan.
[19:07] Who SBA loans are good for and who they’re not good for.
Mentioned in this Episode:
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