102, RE: funding|
Posted by Roseb441702, Mon Dec-18-06 03:03 PM
>IM looking to purchase a landscape company in western ct .
>the company currently does about 440,000.00 per year gross
>just mowing and plowing. the company has the equipment to
>expand in to other things such as garbage dumpsters, the truck
>for the dumpsters, excavation equipment etc. the current
>ownener does not utilize this equipment so theres definetly
>the potential for company growth. the asking price for the
>buisness is a little less than what all the equipment and
>vehicles is worth, and every thing is paid off . my question
>is how would i be able to get a loan for this with a credit
>score under 600. the owner is willing to hold aproximitaly
>half the note, so i would need funding for half plus some for
>capital to make the first couple of mounths payroll and
>operating expenses. anybody with sugestions please let me know
Because of your credit score you may still be able to get a loan but you will pay a higher rate. Have you talked to any of the banks in your area? What about the Small Business Administration? Another option would be for you to take in a partner or an investor. But if doing this make sure that you can come to agreement on terms.
Although another option may be grant or grant-like funding, the fact that you are buying an existing business instead of starting one of your own will limit the numpber of programs that you may qualify for. That's not to say that there are none available just that the number of those that are available are smaller than if you were starting the business.