Qualifiying for a Business Loan in Texas
Qualifying for a business loan in Texas can be quite an ordeal to say the least.
If the business being sold is very profitable, the selling price will likely reflect a significant amount of goodwill which can be very difficult to finance.
If the business being sold is not making money, lenders can be difficult to find even if the underlying assets being acquired are worth substantially more than the purchase price.
Texas Business loans, or change of control financing situations, can be extremely varied from case to case.
Did you know that most lenders consider approximately 32 different factors when considering a business loan for approval?
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Most buyers and sellers of businesses don't realize how important deal structure and business loan presentation is to financial capital. Items like down payment, owner notes, purchase price, and the way it is presented to a lender all makes the difference whether a business loan is approved or not!
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Qualifications for a business loan
Our small business loan program has a 90% approval rate and are based upon your total sales volume and your past business history.
Business Loan program requirements:
- Retail, Restaurant or service business
- Accepts credit cards as a form of payment
- Provide the past six months of bank statements to qualify for larger amounts
- One year in business
- Can provide the current processing statements from the past six months with at least $4,000 monthly in credit card sales
- good standing with landlord with at least one year remaining on lease
- Acceptable personal and business credit
- No open tax liens, judgments or bankruptcies
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