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SBA Loans and how they make business acquisitions easy

Business Buying Strategies from The Dealmaker's Academy

Release Date: 11/09/2023

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Did you know there is a government-backed lending scheme in the US that allows you to borrow up to 100% of the cost of acquiring a business?

In this episode of Business Buying Strategies, Jonathan talks to Ray Drew from Fund-Ex Solutions and an expert in SBA lending about the scheme and how it has become a useful way of buying a business without using any of your own money.

During the interview, Jonathan and Ray discuss how SBA lending works, why it was set up by the government, the various options available and how to apply.

If you’re a listener in the US and are not aware of this scheme, you need to listen to this episode. 

Even if you’re not US-based, it is worth listening as Ray reveals why the trend of Baby Boomers retiring and selling their businesses presents one of the biggest opportunities in a generation for people looking to acquire a business. 

Here are the key highlights:

01:18 - How Ray became an expert in SBA loans and how the landscape has changed in the last few years

01:54 - Why SBA lending was developed and how it is currently being used 

02:52 - How SBA 7(a) funding works

04:26 - How to apply for SBA funding 

05:02 - Why business experience isn’t essential for a loan (and what other experience and factors will help)

07:15 - What options are available for raising a deposit

10:36 - The role of the seller during the process and how SBA lending benefits them

13:30 - Key conditions around the loan terms and conditions you need to know

17:40 - The importance of negotiating working capital for the acquired business

21:24 - Applicant and business eligibility for secure borrowing

25:52 - How to get Ray’s help when seeking an SBA loan

Here is what you will discover…

  • Why SBA 7(a) programme is “like a Swiss Army knife” of lending for small businesses in the US
  • How the “Silver Tsunami” of retiring Baby Boomer business owners will create an incredible opportunity for business buyers in the next 12 months
  • Why business acquisitions now make up 80% of Ray’s funding activity (a huge increase on previous years)
  • How much loan-to-value you can expect using SBA funding and the maximum financing level available
  • Why the SBA programme has created an exciting opportunity to build wealth for individuals who traditionally would not have considered buying a business
  • How a buyer can access up to 100% deal financing by demonstrating strong sector experience or transferable skills
  • How buyers are protected through government-mandated interest rates (you never pay about a certain fixed interest rate for your lending)
  • Who is eligible for SBA 7(a) funding and what businesses are specifically excluded

Notable quotes

“The business plan is just the tip of the iceberg. It’s what you would call a full doc program, but the business plan doesn’t have to be too crazy because it’s for an existing business.”

“We look for relevant experience. Most of all, we look for management experience. Experience managing people, managing a budget, managing a P&L, things like that are going to transfer over to just about any business.”

“So a credible buyer for that type of business really has the potential to buy or pay up to $5 million for a business.”

Episode links

 

** Looking for a great acquisition lawyer in the UK? Use mine! **

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.

Ready to get started?

Here’s how you can start your business buying journey…

Watch my FREE Dealmakers webinar training:

https://www.dealmakerspodcast.com

Get a FREE copy of my book:

https://www.thedealmakersacademy.com/free-book-giveaway

Join the Business Acquisition FastTrack course

https://www.thedealmakersacademy.com/quick

Already bought a business?

if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria at hello@thedealmakersacademy.com for more information.