Getting a small business loan from the SBA just got a little easier.
(article continues below)
A new service from BizBuySell.com helps provide financing to entrepreneurs who are looking to buy or sell a business.
By partnering with leading small business financial services institutions, BizBuySell.com has launched an online Lending Center that will help novice and experienced entrepreneurs obtain financing.
The new BizBuySell Lending Center gives buyers and sellers access to pre-qualification for U.S. Small Business Administration loans.
Potential buyers and sellers can visit the Financing page on the BizBuySell Web site to begin the loan pre-qualification process.
The feature can help create a more efficient small business marketplace in which qualified and serious small business buyers and sellers identify themselves by opting into a process of SBA pre-qualification.
As a result, successful deals can close more easily and frequently.
Those looking to buy a business can use the Lending Center to see if they can obtain an SBA loan up to a specific amount. This allows the buyer to get a better sense of how much they can afford in a business purchase.
The feature allows small business buyers to show business owners that they are serious about purchasing a business and willing to do the legwork of being pre-qualified, assuring sellers of their legitimacy and ability to finance a deal.
Sellers can also prequalify for an SBA loan.
BizBuySell users who are listing a business for sale can benefit from loan pre-qualification by making their business more attractive to potential buyers, and lowering the chance that they will have to provide seller-financing to make the deal happen.
SBA pre-qualified sellers can provide buyers with assurance of legitimacy surrounding financials, as well as assist buyers in obtaining financing more easily.
Seller financing is one of the biggest barriers preventing small business transactions from closing.
The loan center also helps borrowers prepare for the application process by outlining SBA loan requirements, explaining how SBA lending works and specifying what lenders look for.