Home business advice and info would be greatly appreciated?
SBA Loan help to purchase a business.?
I have the intent to purchase a Medical Practice in the near future.
I am seeking Fed funding to do this and would like to know what is involved... more importantly how much can they guarantee?
For example: If the asking price for the practice/business I am looking to purchase is $300,000 USD how much can I expect to receive from SBA? How much and what type of collateral do I need present?
One of the reasons I am considering the SBA is because this will be my first business and I do not have a significant amount of out of pocket cash between my partner and I.
Any feedback and advice would be greatly appreciate.
MORE INFO: I am a Systems Engineer making about 50K a year. I rent. My general partner is my father who is an MD makes about 150K a year. Owns a home.
Anyone else? That link does not really detail the money and collateral portion of the original question but is still very useful. Thanks!
You get nothing from the SBA. You apply for a loan to a bank. If they feel you are not an acceptable risk, they will have you apply for an SBA guarantee for part of the loan. For that guarantee, you will pay another 2% on your loan. To start, no lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.
SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.