Our team helped a client secure a $2,187,000 SBAloan and $400,000 revolving line of credit to support their purchase of an existing, profitable business owned by a competitor. After the transfer of ownership, the client cornered his local market, projecting a $5.5 million increase in revenue.

The Problem

Our client had an opportunity to buy a large competitor’s business at a heavily discounted price. They owned their own profitable business, but they didn’t have enough capital to complete the purchase at the time. The deal was a once-in-a-lifetime chance to increase their market share significantly. Fearing that a competitor would swoop in and steal the offer away from them, they started exploring their SBA loan options to help them complete the purchase.

But, as you know, the SBA underwriting process is notoriously long. Our client spoke with a few SBA lenders initially and found that the process could take three to six months from start to finish, which wasn’t going to work for their schedule.

How GetFunded Helped

GetFunded’s streamlined process, award-winning team, and 75+ lender marketplace combine to form a time-saving machine for entrepreneurs in this position. Our team went to work, speaking with lenders and negotiating terms, and secured a $2,187,000 SBA 7(a) loan and a $400,000 business line of credit within 46 days of receiving the client’s application. The funds were distributed promptly, and our client was blown away by the speed and efficiency of our process.

Where They Are Today

The client was able to lock in their purchase of the competitor’s business and gain complete ownership. They plan to use the excess funds for 15 new jobs, equipment, inventory, fuel, working capital, and advertising—projecting an annual revenue increase of $5.5 million! Not only did they grow immensely, but they also increased their market share by nearly 100% in their community.