How can a Small Business Administration loan help lenders prepare their buyers or small business owners sell their businesses?
Learn more when the Massachusetts Small Business Development Center Network presents a Lenders Roundtable discussion on Wednesday, Sept, 20, from 1 to 3.p.m. at Cape Cod Chamber of Commerce, 5 Patti Page Way, Centerville.
Thousands of baby boomers are retiring every day and many of them are business owners. In order to comfortably retire they need to sell their companies. Currently, there are many more sellers than buyers and many of these companies won’t be sold.
Who does this hurt… … the business owner and their family do not have access to most of their net worth; the employees will be out of a job, and the community loses the money that flowed through the company. How can these baby boomers be helped?
Bob Nelson, District Director, Small Business Administration’s Massachusetts District Office, will provide the latest updates on SBA programs and services focusing on the 7a/504 funding. The agency is streamlining the SBA Loan Programs, making processing of SBA guaranteed loans easier and less time consuming for lenders while expanding the pool of eligible small businesses; the new SBA rules will allow SBA lenders to utilize SBA-backed loans to finance a partial buyout in a change of ownership transaction.
Additional speakers will include Cliff Robbins, MSBDC Senior Business Advisor and Tom Gledhill, author of “Xitpro System” and “The Big Transfer.”
The following commercial lenders will be available to meet with small business owners who are looking to sell their businesses. Granite State Development Corporation, Coastal Community Capital, The Cooperative Bank of Cape Cod, Cape Cod 5, SEED Corporation. The Community Development Partnership will also be in attendance with additional capital sources to be announced.