Entrepreneur Uses a Commercial Loan to Purchase a Theme Park
Background
A former consultant and Harvard Business School graduate with extensive experience in managing large businesses wants to purchase a renaissance theme park. The business is 28 years old with a strong cash flow.
The Need
The entrepreneur needed to value the business and finance the acquisition.
Financial Solution
Biz2Credit reviewed the financial statements of the business and the personal financial statement of the entrepreneur. After understanding the nature of the business, Biz2Credit recommended that the entrepreneur conduct an appraisal of the business's going-concern value and apply for a loan through the United States Department of Agriculture's (USDA) business and industry program. The entrepreneur received a loan for 75 percent of the business price. Additionally, Biz2Credit suggested the seller to provide 5 percent as a seller note.
Results
- Received funding for 80 percent of the business price
- USDA loan provided at 7 percent with 20 year term
Benefits
- Going-concern assessment boosted appraisal value
- Fast approval
The entrepreneur received a loan for 75 percent of the business price. Additionally, Biz2Credit suggested the seller to provide 5 percent as a seller note.
More Success Stories
"Biz2Credit was the biggest, biggest part of my success here. Biz2Credit came in like a lifesaver," she said
Jyoti Sharma
Unstoppable: How Just-in-Time Funding Gave This Salon Owner Her Dream
VIEW SUCCESS STORY"I'd give Biz2Credit a 15 out of 10. Joe, my funding specialist, does a great job. He's always on point and really understands my business. Every time I've worked with him he's come through for me in a big way
Reinaldo Anzola
How One Business Owner Completed his Year-Long Renovation Plan in Just 1 Month Thanks to Fast Financing
VIEW SUCCESS STORY"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos