This workshop will delve into how you can use SBA loan programs to purchase an existing business. Learn what structures are available, how long an existing owner can remain in the business, where to get funding, typical rates and terms, questions you should ask your lender, where to get help, and what the heck is ‘seller carryback’.

This training is brought to you in partnership with the Small Business Development Center and Veteran’s Business Outreach Center of the Dakotas.

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More about Tyler Hinrichs

Tyler Hinrichs recently joined the SBA South Dakota District Office as a Lender Relations Specialist. Tyler has previous lending experience with United States Department of Agriculture (USDA) as a Loan Specialist in the Rural Business Programs and Multifamily Housing. Prior to USDA Tyler worked with the Department of Veterans Affairs (VA) with the home loan guaranty program. He graduated from Bethel University (MN) with a degree in Business. Tyler can be reached at [email protected].

More about Erik Barnes

Erik Barnes serves as Senior Vice President and Senior Loan Officer for the South Eastern Development Foundation (SEDF) and Dakota Business Finance (DBF). He helps businesses access financing that drives growth, job creation, and economic development throughout South Dakota, Minnesota, Iowa, and Nebraska. In his role, Erik administers the SBA 504 loan program for South Dakota’s largest Certified Development Company (CDC). Based in Sioux Falls, he works closely with entrepreneurs, lenders, and community partners to develop financing solutions that support long-term business success.