Of course, personal assets can be part of the equation, whether you have sufficient cash on hand or you’re able to use assets like your home or other property as equity for a loan.
In some cases, family members may be willing to provide financial support as well. In addition, the seller is often willing to provide financing to get the deal across the finish line.
Traditional bank financing is also an option. Banks have commercial lenders who are dedicated to working with companies. They can help you through the process.
Buyers may find some assistance from the Michigan Small Business Development Center (MI-SBDC). This usually comes in the form of a loan guarantee, which raises your likelihood of successfully obtaining a traditional bank loan.
Why? It provides assurance of payment in case of default. The MI-SBDC can help you explore loans, grants, and financing options or assist with preparing loan packages and analyzing financials.
Have questions about how to raise capital? Let’s talk!