Are there Down Payment Assistance(DAP) programs for business loans?
I’m looking into obtaining a SBA loan to start my first entrepreneurial venture. The problem is, from research and talking to my peers, SBA requires a person to provide at least 10% down payment for their loan. I only have 6.5%-7% saved, making me short of the minimum requirement. For mortgages, there are down payment assistance(DAP) programs available in helping folks obtain mortgages from banks. Therefore, is there are any programs out there which provides DAPs for business loans? I know there are DAP programs for businesses wishing to expand and need a loan to purchase real estate and such. I on the other hand am using my loan to purchase a business, not for land or buildings. Any help is appreciated and sorry for the long paragraph.
It seem I need to provide more information so people do not write rude comments. I am purchasing an existing business which is 15 years old and gross yearly revenue of $ 350,000+. I am not trying to start/purchase a mom and pop store on the neighborhood corner. @Lari Lee, it’s the mortgage lending industry which burned the economy, not small business. Small business is the backbone of this economy and creates jobs.