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Hello everybody and welcome to our show today thanks for tuning in a lot of you purple people are watching on YouTube live, and you are like and subscribe our video if you like what we're going through today if you're listening on iTunes CC quick review if you're liking what we're going through as well, so today we're going to talk about how to use an SBA loan and actually buy a business, so maybe you don't have a business yet, or maybe you're looking to expand your business by buying some other businesses that have assets you need today we're going to talk about how you could use an SBA loan even tap into the business assets of the business you're looking to buy to actually use to purchase the business, so those are the know me my name is thank you Crandall and I'm the CEO here at credit we do graduate we help you get capital to grow your business, so we help you improve your fund ability to meet lending requirements we help you build business credit for your EAM it's not leech or social and access all different kinds of loans and credit lines so today if we can ever be of services let us know 877 602 487 info at credit suite comm so by the end of today's show we're going to teach you what SBA is how SBA works the kind of financing SBA offers to buy business is what's required documentation life basically everything you would need to know to get and use an SBA loan to purchase a business so let's dive in what does the SBA do what SBA does not actually loan money what they do is they set loan guidelines because they're basically guaranteeing the loans that the big conventional banks are offering, so the rates are more favorable and turns are more flexible than normal loans so look SBA loans are like the epitome of where everybody wants to be and here's why first of all the terms are long there are 10 till 25 30 year loan terms so when it comes to financing loan term matters more than rate meaning if you get a longer term that means a lot more to lowering your payment than a lower interest rate does so what's so nice about SBA loans you can get 10 to 30-year loan terms and get low rates eight percent seven eight nine percent type rates, but it's again important to notice that SBA doesn't lend money what they're doing is going to the big banks Bank of America Wells Fargo Chase, and they guarantee those lumps so as an example you may get a loan through Bank of America for 100000 for your business, and it's back what SBA does is SBA guarantees that if you default on that loan they will pay up that let's say 90 of that loan, so you have a hundred thousand dollar loan you default on the whole thing Bank of America is out ten grand SBA would give Bank of America 90 of that hundred thousand, and they would guarantee for example 90 percent of hot love, so they don't loan the money they guarantee those loans, and so they're setting LOI guidelines that must be adhered to be able to get approved, so they can guarantee that well, but the SBA again has their...
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