Yes, you're correct. The buyer takes out the loan. This was an asset sale, so assets transferred over but not any debts.
The seller (me) can approach a loan broker and show their financials, and the loan broker can say, "I think it's likely that the SBA would approve this loan, and I can connect you with lenders I think would offer the SBA loan for acquiring this business."
The SBA pre-qualification isn't binding or official, but I guess the loan broker's prediction is accurate enough that the brokerage will list businesses as SBA pre-qualified based on the loan broker's assessment.
Yes, you're correct. The buyer takes out the loan. This was an asset sale, so assets transferred over but not any debts.
The seller (me) can approach a loan broker and show their financials, and the loan broker can say, "I think it's likely that the SBA would approve this loan, and I can connect you with lenders I think would offer the SBA loan for acquiring this business."
The SBA pre-qualification isn't binding or official, but I guess the loan broker's prediction is accurate enough that the brokerage will list businesses as SBA pre-qualified based on the loan broker's assessment.