How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7197
Experience:  Extensive Experience with Tax, Financial & Estate Issues
Type Your Finance Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

A low interest loan to purchase two convenient stores JA:

Customer Question

a low interest loan to purchase two convenient stores
JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.
Customer: the one store has been in business 30 plus years and the other has been in business at least 15
JA: Anything else I can tell the Expert before I connect you two?
Customer: i do have a house on 10 acres that last was appraised at i believe 300000
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Expert about your situation and connect you two.
Submitted: 1 year ago.
Category: Finance
Expert:  Stephen G. replied 1 year ago.
What is your question?Are you looking for a lending source?If so, your best bet is a local commercial bank who will write an SBA loan.You don't want to pledge your home if you can avoid it.How much money are you looking for?Do you have any experience with the SBA? The best place to go is to a bank that is a "Preferred or Certified SBA Lender". They can pretty much write the loan without Pre-SBA approval (Preferred lenders require no SBA approval, Certified Lenders have partial lending authority, but are still much better than just a bank that does SBA loans). There's a fair amount of paperwork involved but if you've got financial information from the stores and the price is reasonable and the cash flow from operations will cover the loan, it should be a snap unless you have credit issues.You can find an SBA Preferred or Certified lender in your geographical area either at the Small Business Administration website or by called the SBA. Here's a link that explains how these lenders work & there are other links from this link you can use to get a lot more information. You'll be much better off if you engage a CPA to help you put together the loan application and meet with the bank with you. Just having a CPA on board with you, will help you immensely and speed up the process even more, particularly with a Preferred or Certified SBA Lender.I'll be happy to answer any follow-up questions you may have.