Getting Finance for Buying Online Businesses with Stephen Speer

Resource Links: Buying Online Businesses Website (https://buyingonlinebusinesses.com)  Download the Due Diligence Framework (https://buyingonlinebusinesses.com/freeresources/) Investors Club Membership (https://investors.club) eCommerce Lending Website (https://www.ecommercelending.com/)   Making an offer before you’re pre-qualified for a loan could be a big mistake. Today, eCommerce Lending’s Stephen Speer breaks down how to get your financing approved for buying a website business. We talk about the types of loans they structure, loan agreements, preparations to get approved, and more.   Episode Highlights: The important puzzle pieces needed before making an offer [04:03] Why get your pre-qualification lined up first? [05:19] snippet? What eCommerce Lending looks for during pre-qualification [09:56] Buyer and business qualifications for SBA loans [13:14]  SBA loan rules: Cash injection, taxes, and business set up [15:29]  The CARES Act benefit for SBA loans [19:44] Business models that can get loans [21:17]  What happens when you default on a loan [22:19]  It’s important to look at the buyer’s skill set and experience [24:24] The loan amount depends on the client [28:28] Financing offers people the opportunity to scale and grow [30:30] Loan structures, interest rates, and loan agreements [31:49] Build your own A-team [33:58]   About Our Guest: Stephen Speer of eCommerce Lending is an expert in his field, and with over $275 million in loans, the company is one of the largest online business lenders. They are trusted by all the top brokers in buying online businesses space as they help people buy website businesses by getting them financing through SBA loans.   Connect with Stephen through his email: [email protected]    If you liked this episode, please don’t forget to subscribe, tune in, and share this podcast. You may also leave us a review on anywhere you listen to and share your feedback! See omnystudio.com/listener for privacy information. See omnystudio.com/listener for privacy information.