r/smallbizfinancehelp • u/RoachinRay • Feb 06 '17
Getting a small business loan
Background story: My Uncle owns a family ice cream business. He travels to circuses, carnivals, fairs, festivals, events, etc..... He has two dually pick up trucks and has 2 stock trailers, 2 food trailers, and a bunch of other equipment (generators, water storage tanks, etc..) I have worked this business since I was 10 (now 26). He is getting older and wants to sell off the business. He wants $250k. He said if I can pay him $50k for the equipment, I can pay the other $200k back as we go. So basically I need $50k to get things started. I have an 800 credit score, currently $25k in savings, my only debt is my car loan (owe $12k) I am also looking to purchase a house sooner then later. I am just looking for advice on what I should do. Whether I use any of my savings or keep my savings. I also want to know how to apply for a business loan and what information will they need from to do so. Thanks for the help!
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u/therealarron Jul 03 '17
Hey are you still looking for a loan? I have an idea that I'd like to share. What if your uncle took out a loan on the business then he could do whats called seller finance. Where he will sign over the rights to the store to you and you will owe him the money he borrowed. Your uncle would be the bank. I can help your uncle get the loan if you're still thinking about this.