CABB OC Chapter Meeting 9-28-10

I skipped today’s RIAOC meeting today due to a conflict with the CABB O.C. Chapter Meeting today.  It was nice to catch up with a few Business Brokers that I had not talked to recently.  Key takeaways from the meeting are that loans are happening for business acquisitions, but the adherence to criteria is a must.  Namely, the experience criterion.

California Association of Business Brokers

Today, we were told that a buyer was able to secure an SBA loan for a machine shop business for 10% down on a business that wasn’t making any money.  What was the catch?  Well, the buyer was a machinist who could apparently guarantee that he was going to have some customers come with him from where he was currently working.

Also, the real estate was a part of the deal, so that made it easier for the bank to collateralize the loan.  But, the catch is the loan has not funded yet, so we’ll see if this is an empty approval that won’t close at the end of the day.  Will keep you all posted.

For More information on how Just Elementary, Inc, Commercial brokers can help you with small business needs, email cs@justelementary.com or call (323) 213-9193