Starting a business from scratch isn't the only path to entrepreneurship. On a recent segment of The Morning Blend, Solomon Abdella, owner of Chesterfield Awning Co., joined Tom Meyer, executive vice president of community SBA lending at Centrust Bank, a division of SmartBiz Bank, N.A., to discuss how SBA financing may help entrepreneurs acquire established businesses and build on their success.
Founded in 1958, Chesterfield Awning Co. has a longstanding reputation for craftsmanship and service throughout the Chicago area. When Solomon began exploring the acquisition in 2025, he saw an opportunity to preserve the company's legacy while positioning it for future growth.
During the segment, Tom explained how SBA financing may support business acquisitions, with lenders evaluating factors such as existing cash flow, business operations, the buyer's experience, and plans for growth.
One of the biggest takeaways? Start the conversation with a lender early. Business owners don't need to wait until they've signed a purchase agreement to explore financing options. Understanding the process, preparing financial documentation, and finding a lending partner who understands their vision may help make an acquisition more manageable.
For Solomon, having a collaborative lending partner made a meaningful difference throughout underwriting, closing, and beyond. His story highlights how the right financing and guidance may help entrepreneurs honor an established business's history while investing in its future.
Watch the full segment to learn more about Solomon's journey and how SBA financing may help support business acquisitions:
