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l10nsd3n's avatar

Are there grants available for buying a business?

Asked by l10nsd3n (4points) | asked 1 month ago | 4 responses | “Great Question” (0points) | Flag as…

I am trying to buy the small garbage collection company I currently work for and have run into some snaggs. Creditors will ONLY loan money for equipment, such as the trucks, but not a customer base. Does anyone know of any grant money or other type of financing available?

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Answers

pdworkin's avatar

Have you contacted the local SBA? It would seem to be to everyone’s advantage that you conclude this deal, if it is as you describe.

pdworkin (11150points)“Great Answer” (1points) Flag as…
se_ven's avatar

Great Answer @pdworkin

Also, you might discuss a Lease to Own with the current owner. If the current owner is wanting to retire, they might be just as satisfied to get the money in payments over time instead of all up front.

se_ven (676points)“Great Answer” (0points) Flag as…
Val123's avatar

Nope. No grants. Lots of rumors that there are, but there aren’t, only loans.

Val123 (3580points)“Great Answer” (0points) Flag as…
grumpyfish's avatar

And, as you’re finding, Loans require liquidatable collateral (like trucks), not a customer base (which you can’t liquidate).

Would definitely see if the current owner will make you the loan, as those can frequently be negotiated with less collateral.

grumpyfish (1362points)“Great Answer” (0points) Flag as…

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