Acquisition Lending
If you're looking to acquire a business, look to TowneBank to help. Your local banker will take the time to work with you to understand your goals and financial standing to build the right lending package that can help you achieve your goals and build for future.
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Local Support
Local Support
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Flexible Terms
Flexible Terms
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Fast Decisions
Fast Decisions
Frequently Asked Questions
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No, you do not have to be a current TowneBank member to apply for a loan.
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We may ask you for a letter of intent from the business you wish to purchase. We will evaluate the business’s current financial standing to make sure it’s a viable investment. Some items we will review are the business’s profit margins and financial stability.
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A business plan may not be required, but it is always a good idea to have a written document on hand to review with your banker.
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Acquisition loans are complex and there are many variables to consider. First, you will need to speak with a local commercial banker. You can contact your nearest TowneBank location and ask to speak to a commercial banker or you can find a local banker using our directory here.
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You will be matched with your own personal banker to provide you with local support. The timeline for the decision process will be based on the complexity of your need.
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Your banker will coordinate a closing date with you once your loan is approved and funds are typically made available the same day the loan is closed. The closing date timeline can vary based on collateral and terms of your loan.
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Personal Credit Score: Your personal credit score may be needed if your business has not been in operation for a long time.
Business Credit Score: Your business tax returns will be used to verify your business income and your ability to handle business lines of credit and loans over a period of time.
Bank Statements: Bank statements are vital to demonstrate daily cash flows.
Tax Returns: You may be asked to provide personal and business tax returns for the past three years. If you haven’t yet filed for this year, you may be asked to provide a current financial statement.
Financial Statements: A comprehensive financial statement includes a balance sheet, profit and loss statement, and cash flow statement.
Normal credit approval criteria apply