Personal Balance Sheet

Personal Balance Sheet

If you are planning to buy a business in the $500,000 to $3,500,000 range, you can significantly strengthen your application by cleaning up your personal finances (assets and liabilities) and present them in the best possible light.

A combination of the three done right will rate you as a very strong candidate in the minds of SBA lender. Keep in mind this does not mean you cannot have any debt at all. If you have two car loans, a mortgage payment, and student loans this does not preclude you from getting a large loan to buy a business. However, less is more when it comes to personal debt. More is more when it comes to personal liquidity (cash, money market, marketable securities).

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