How do business acquisition loans work?
"Business Acquisition Loans" is an umbrella term that encompasses a range of financing options. Our lending team can help you select the right option for your business venture. There are many factors to consider, from your personal financial history and credit score, to the financial history of the business you wish to acquire or the franchise you hope to operate. Furthermore, lending decisions take into account your business plans and the likelihood of success.
Because the underwriting behind business acquisition financing is more complicated than, say, a residential mortgage loan, it helps to work with a local bank that possesses detailed knowledge of the business environment in your community. Vision Bank offers two primary types of business acquisition loans:
-
Business Acquisition Term Loans
This type of financing comes with a fixed or variable interest rate and consistent monthly payments. You can use a term loan to purchase a turn key business or come up with the upfront costs of opening a franchise.
-
SBA Loans
Guaranteed by the Small Business Administration, these loans provide more financing opportunities to new business owners. Depending on the SBA program, you can borrow up to $5 million to cover a range of costs associated with the takeover of an existing business or franchise ownership.
Let’s Build Your Vision Together
At Vision Bank, we don’t just provide loans—we provide partnership. We see your hard work, your aspirations and your potential. Let us help you turn your vision into reality.
Call us at 888-332-5132 or contact us today.