Financing Options for Business Acquisition & Franchises in 2024

Financing Options for Business Acquisition & Franchises in 2024

SBA Loan Programs: The SBA offers loan guarantees, not direct loans. Banks are highly interested in franchise startups listed on the SBA directory or with FranData certification.
Franchise Financing: Banks are eager to finance established franchise models. For new franchises with few locations, the process may be more complex, but it generally involves creating three years of financial projections rather than providing past tax returns.
Eligibility Requirements: To qualify for SBA financing, applicants must have good credit, sufficient liquidity, a down payment, and be a U.S. citizen or permanent resident. Living near the business location is also important.
Streamlined Process: Despite paperwork, the SBA financing process is designed to be relatively straightforward, especially for loans under $500,000, due to federal initiatives aimed at helping more people.
Additional Resources: For acquiring businesses or franchises, resources include bookwithbow.com for loan structuring and franchiseresalelistings.com for customized business acquisition searches and weekly inventory updates.

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About Beau: Beau Eckstein is a franchise consultant, commercial mortgage advisor, and business ownership coach who helps entrepreneurs buy, build, and expand their businesses. He assists aspiring entrepreneurs in finding their ideal franchise or business opportunity. Beau's expertise as an investor and business owner allows him to guide clients through the entire process of acquiring, funding, and growing their ventures.

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