One thing that can really complicate a transaction involving a Fort Lauderdale existing business for sale is if the owner has an active loan with the Small Business Administration (SBA). At Brentwood Growth Corporation, we’ll eliminate that complication by showing you exactly how you can still sell your existing business for sale in Fort Lauderdale FL even with an SBA loan. Read on to learn more.
Scenarios Involving a Fort Lauderdale Existing Business for Sale with an SBA Loan
There are basically three scenarios that could apply if you have a Fort Lauderdale existing business for sale and you have an SBA loan. Get in touch with Brentwood Growth and we can let you know which one applies to your existing business for sale in Fort Lauderdale FL.
- You sell the business for more than you owe on the loan – If you’re able to get more for your Fort Lauderdale existing business for sale than remains on the loan, then you can simply use that money to pay the loan. You still need to get approval from your lender, because you probably signed an agreement that gave the lender a security interest in your company’s assets.
- You still owe on the loan after the sale – You might not receive enough for your existing business for sale in Fort Lauderdale FL to cover the remaining loan balance. The security interest mentioned above means all your business assets are the lender’s collateral on the loan. If you go ahead with the sale without notifying the lender, that could be viewed as fraud – and it could kill the sale entirely.
- The buyer takes over the loan – There are some instances where the buyer of an existing business for sale in Fort Lauderdale FL will simply assume the SBA loan. It can be difficult to obtain SBA approval for this kind of transaction, so you should get the help of a professional with Brentwood Growth. We have a great deal of experience in this area, and we’ll be glad to tell you more.
A Brentwood Growth expert is standing by to help your Fort Lauderdale existing business for sale. Call 908-377-7807 or us our online contact form for more information.