If you’re a restaurant owner looking to sell your business, or you’re a buyer hoping to secure financing for your dream restaurant, this episode is for you. We dive into the nitty gritty details of SBA lending for restaurants with our expert guest Bob Porter, Senior Vice President in Business Development and SBA Lending for Plumas Bank.
Bob brings over 35 years of experience to the table and specializes in SBA 7A loans for the purchase or startup of restaurants and other food-related businesses. He shares his vast knowledge on what it takes to get a business pre-approved for lending, the importance of clean books and add-backs, and how to navigate the lending process as a buyer.
Tune in this week to gain the kind of insights that will help you secure the funding you need for your restaurant purchase. Bob's transparent SBA loan advice and tips for getting approved will take a ton of work off your plate further down the line.
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What You’ll Learn from this Episode:
Why getting a pre-approval letter is crucial for sellers looking to attract qualified buyers.
The key financial documents and information lenders need to pre-approve a restaurant business for sale.
How lenders view and handle various add-backs and one-time expenses when valuing a business.
The importance of restaurant experience for buyers who want SBA loan approval, even if they have strong financials.
What buyers should avoid doing during the lending process to ensure a smooth loan approval.
How SBA loans can be used to refinance seller financing after a 2-year seasoning period.
The typical timeline for getting an SBA loan approved and funded for a restaurant purchase.
Listen to the Full Episode:
Featured on the Show:
Bob Porter: Email | Call Bob 7 days a week, 7AM to 7PM: 916-206-9100
Full Episode Transcript:
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