SBA Lenders for Home Care Business?
June 23, 2023
by a searcher in San Francisco, CA, USA
I have a CA based deal and I'm looking for SBA lenders for this. This is a small deal but the metrics are compelling.
1. Home care franchise providing unskilled care
2. $192K SDE in 2022 and 2023 SDE tracking to $280K
3. Valuation at $450K - $350K at closing and $100K seller note
4. Working capital estimate at $75K, Total project is $525K
5. Equity injection is $50K
6.. SBA loan ask is $375K
Important - New home care license in CA takes 3-6 months. I will be working with subject matter experts from franchisor and will apply for this license next month itself, well before closing. Seller and I will have a management agreement allowing me to operate under the seller's license for the interim period until I get my home care license in 3-6 months. Seller cannot be a guarantor for the SBA loan or be tied to the business after sale. I'm looking for an SBA lender that can work through this with the current guidelines and not have to wait for new SBA guidelines in August 1.
Our targeted closing is early September and I'm looking for a loan commitment letter by late July due to franchisor's requirements. I'm hoping to find a good SBA lending partner that can work with me in this deal.
I have all the details ready regarding the business and myself the loan applicant. Please share your email ID and I can get in touch with you right away.
from The University of Alabama in Birmingham, AL, USA
do you mean the seller can’t be involved even with a management agreement for the redacted We do a lot of trade and other businesses types that require specific licensing. Often times were bridging some gap with a management agreement, employment agreement, or temporary license of sorts.
from Massachusetts Institute of Technology in Boston, MA, USA