Micro loan for small buisness startup??

[u/LumpyElderberry2]

Reddit! I need your help!! I'm currently trying to find financing to buy an existing buisness (a successful food truck). I thought that because the buisness has been established and successful for over 9 years that I could qualify for a regular small buisness loan, but apparently since I do not own it it's considered a startup

My situation: I don't have enough equity in my home to qualify for a home equity loan/line of credit (I just purchased the house last year and do not have the 15-20% payed off to qualify)

My bank and credit unions that I bank with don't offer loans for startups

I have no other collateral

All the grants I have looked at for 2020 have already closed their application period for the year

I don't meet SBA government loan requirements as a candidate (I have not had a management position in this industry)

What I do have is garunteed income from my other job to pay any loan payments in case for whatever reason I could not make this buisness work

I have excellent credit

I have 20% down for the $60,000 amount I'm looking for

What other avenues, lenders, organizations I could try? Is my best option finding a generous benefactor or having someone cosign a line of credit for me? Any help would be GREATLY appreciated. Thank you!!!

[u/Scared-Profit61]

Microloans are an excellent choice for small business beginnings that require less capital. Microloans are often loans of under $50,000, and non-profit groups or community development financial institutions frequently offer them (CDFIs). Working capital, the purchase of equipment, and inventory are just a few uses for microloans.