Results 1 to 10 of 10
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08-26-2019, 08:48 AM #1
- Join Date
- Aug 2017
- Posts
- 405
Esop
Who can fund an ESOP? (Employee stock ownership program.)
Company does 18M annually in the construction space.
I don’t even know where to begin as far as getting the application and ownership%.
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08-26-2019, 11:27 AM #2
- Join Date
- Jul 2015
- Posts
- 168
What exactly do you mean "Who can fund an ESOP" ?
As in a loan against some stock portfolio or a loan to allow for the purchase of securities?
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08-26-2019, 12:01 PM #3
- Join Date
- Aug 2017
- Posts
- 405
The company is an esop, meaning the employees of the company own certain percentages of the company. There is not one sole owner that has more than
51%.
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08-26-2019, 12:03 PM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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08-26-2019, 12:15 PM #5
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
But who can actually sign? Anyone that has 5% or combined 20%? We have done deals with only 5 % signing if they have authority.
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08-26-2019, 12:17 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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08-26-2019, 01:15 PM #7
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 732
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10-19-2022, 01:36 PM #8
- Join Date
- Jun 2014
- Posts
- 541
Does anyone have any experience with 7(A) SBA lender financing and ESOP?
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10-19-2022, 01:56 PM #9
SBA requires 21% or more ownership (people) to sign. Any ownership less than 21% don't sign loan docs. Not sure that answers your question. If you can semd me specifics I can run it by my SBA and term loan guy. Let me check to see if they can even do a ESOP.
Last edited by Olderguy; 10-20-2022 at 10:10 AM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-20-2022, 12:14 AM #10
You can do a SBA 7A with an ESOP.
Loan proceeds may be used for two purposes:
• Help finance the growth of an employer’s
small business.
• Purchase a controlling interest (51 percent or more)
in the company. Ownership and control must vest in
the trust by the time the loan is repaid.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.