Owner Financing is one of the most common forms of financing a Florida Business for Sale. As members of the Business Brokers of Florida, we encourage our sellers to provide this type of financing. It ensures a quick sale of the business as long as the buyer is financially qualified.
One of our Lenders has made it easy to see
How much of a loan you can qualify for?
The South Florida for Me team works with several reputable lenders who have a vast array of programs for different needs,
The SBA Loan in very popular for those interested in buying a business in Florida. The
Below is a basic list of requirements for an SBA Loan to purchase a Florida Business for Sale
- 3 years tax returns for the business that will occupy the property (full federal portion)
- 2016 interim financial statements for the business, income statement & balance sheet
- 3 years tax returns for the personal guarantors/ any owner holding more than 20% equity of the business or real estate holding company. (full federal portions)
- Personal Financial Statement (PFS attached), one for each individual guarantor of the loan
- Business debt schedule listing all liabilities of the subject business with monthly payments, collateral, expiration, etc. (attached)
- If the guarantors/ owners have other affiliate businesses we need 2015 tax returns & 2016 interims initially, plus debt schedules for these entities and if we proceed we will eventually need 3 years taxes total on each affiliate entity.
The State of Florida offers many types of financing:
SBIR/STTR Phase "0" Pilot Program
Florida Development Finance Corporation (FDFC)
State Small Business Credit Initiative (SSBCI)
Enterprise Florida, Inc.’s (EFI) Minority & Small Business, Entrepreneurship and Capital (MaSBEC) division partners with outside organizations to provide small, minority and entrepreneurial companies with training, development and financing options. EFI has an extensive network of state, federal and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation.
EFI facilitates the following capital programs that match qualifying small businesses with lenders that can provide financial assistance and lines of credit:
Small Business Loan Support Program
EFI’s State Small Business Credit Initiative (SSBCI) and Microfinance Guarantee programs are designed to assist small businesses in obtaining loan approvals and leverage private capital for use in startup costs, working capital, business procurement, franchise fees, equipment, inventory, or the purchase of owner‐occupied commercial real estate. The program provides a lender with the necessary security, in the form of a partial guarantee, for the lender to approve a loan or line-of-credit.
The EFI‐managed Florida Development Finance Corporation (FDFC) was created to be a conduit issuer (not direct issuer) of industrial revenue bonds (IRBs) for small manufacturers and 501(c)3 organizations. The advantage of IRBs is the potential to provide borrowers significant interest and state tax savings. IRB proceeds may be used for capital expenditures only, such as the purchase of land, new long‐term equipment, and building construction/renovations.
Venture Capital Program
The EFI‐sponsored Florida Opportunity Fund provides venture capital for start-up and early-stage businesses. State Venture Capital Programs often take one of two forms: a state-run venture capital fund (which may include other private investors) that invests directly in businesses; or a fund of funds, which is a fund that invests in other venture capital funds that in turn invest in individual businesses. Many factors, particularly resources and available talent, inform a state’s decision on which form to choose.
Phase 0 Program
EFI’s SBIR/STTR Phase 0 Program helps Florida’s small businesses improve their chances of submitting a successful Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) Phase 1 proposal for federal research and development funds. Eligible expenses include market research, technology consulting services, grant writing assistance, related travel and legal/accounting fees.
Minority Business Development
EFI has endeavored to support existing minority development efforts by partnering with established outside organizations to provide small, minority and entrepreneurial companies with training, development and financing options. EFI has an extensive network of state, federal and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation. Specifically, a Group of 6 or “G6” partners have been vital to a successful outreach and communication in this area. Our G6 partners include:
The Florida Advisory Council on Small and Minority Business Development
The Florida Association of Minority Business Enterprise Officials
The Florida Consortium of Black Business
The Hispanic Business Initiative Fund
The Raise Florida Network – Florida Coalition of Microenterprise Business Development
The Southern Florida Minority Supplier Development Council
Strategic Partnerships with Small Business Programs
In addition to our G6 partners, our staff works closely with or is pursuing other outreach partners throughout the state to support existing small and minority business development efforts. The following is a list of our outreach partners:
The Florida Chamber of Commerce Small Business Council
The State of Florida, Department of Economic Opportunity
The Small Business Administration
The Florida Small Business Development Center Network
The Florida Regional Planning Association
The Florida Economic Development Council
The Florida Virtual Entrepreneur Center
Statistics about Florida’s small businesses are available in the SBA’s Small Business Profile: Florida
EFI’s International Trade Development Program for Small Business
EFI provides export counseling for small businesses looking to expand their product offerings to the international marketplace. For more information about how EFI can help, please visit our Export from Florida section.