Know your real purchase-price range before you fall in love with a listing. Affordability depends on both your down payment and whether the business can produce enough cash flow to service the debt and pay you.
You may technically be able to finance a $1.5M acquisition, but based on your required income and estimated debt service, you should probably be targeting businesses producing at least a certain amount in normalized cash flow. This calculator shows you both numbers.
Liquid cash you could put toward an acquisition
Savings you will not touch
Cash the business needs for operations
SBA rates typically 10-12%; verify with a lender
SBA 7(a) commonly 10 years; real estate can go to 25
What you need to live on