Can I get an SBA loan for a business and an apartment?
I’m sorry to say, but you can’t get an SBA loan to buy a property that has a restaurant and an apartment. This is the case even if you plan to run the restaurant. Even if the size of the apartment is small compared to the restaurant, residential real estate is not eligible for an [...]
Can I get an SBA loan to buy a Card Room?
Not to be wishy - washy, but it depends. You can use an SBA loan to buy most businesses (and almost all types of commercial real estate), but there are some prohibited businesses. Some ineligible businesses include: Non-Profit Businesses (for profit subsidiaries are eligible) Businesses primarily active in lending (banks, finance companies and factors) Life [...]
Does an SBA Guarantee protect me from losing money?
If you get an SBA 7(a) loan for your business, the guarantee doesn't protect you from any losses. Instead it offers protection against losses to the commercial lender that provides the loan. The loan guarantee gives a commercial lender an incentive to provide a loan for business, a real estate purchase and/or other uses that [...]
Do I have to invest all my cash to buy a business?
No, no, a thousand times no! That's one of the reasons SBA loans were created. If they weren't available then very few of us could afford to buy a business. But it is true that to qualify for an SBA loan you can’t have too much cash or liquid financial “stuff” available to you – [...]
Can I get an SBA Loan if I was offered a non-SBA loan?
There are a couple of very basic requirements that a potential business owner has to meet in order to be eligible for an SBA loan. You have to: show you need the loan, and show that a lender will not provide you with a loan unless they can get an SBA guarantee for it. In [...]