Me and my wife and daughter are moving to Pennslyvania in march and I will work for my father in law running a warehouse for his shop for a while, but what i want to do is start up a pilot car / interstate usher service ( you know the cars that lead the “oversized’ and “wide load” trucks down the interstates). Anyway I will nead a loan or grant to buy a excellent truck and the lights, signs, and other equpiment for the company. What is the best way to get a loan or grant to help cover my expenses till I get up and running excellent with my company?
Hi you will need a signal business plot – I would recommend that you use a professional company to help you with this. They will discuss your business thoughts with you and help you design your company.
My article: Entrepreneurs – Want To Start A Business With The Best Possible Chance Of Success? May help
Any company that provides you with a loan will expect you to have some money of your own invested in the company. Most look at lending a maximum of 60%.
Excellent Luck
No such thing as a grant for that type of business. Grants are for non profits and cutting edge technology research etc. Not worth all the distress for an SBA loan. For the tiny amount of money you need try a local bank, or go online to find a commercial lease company who will finance the truck and equipment. As for start up expenses, except you can qualify for a tiny operating line of credit, I’m frightened these will be out of pocket. You should start saving now. Despite what you may read on the internet there is NO FREE LUNCH FOR SMALL BUSINESS.
Some banks extend what they call “tiny business lines of credit” often through credit cards. Those are simpler to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia’s has various business lines of credits,,446_612_1399,00.html Their business line of credit can even be approved overnight,
Or you can try to get a government guaranteed tiny business loan at SBA — read their eligibility supplies
But, if you’re applying for a loan and if it is a huge amount, banks and even the SBA may consider other factors aside from your business credit:
- A business plot amplification what the business is
- Your background and experience in the business — in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don’t have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your guarantee. Banks, even SBA guaranteed loans, want the borrower to show guarantee. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three vital equipment: “How much money are you requesting? What will it be used for? and For how long will it be needed?” Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if equipment fail.
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program
It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK – lots and lots of it, that is why a cottage industry of grant writers was born.
Nonetheless, you can go to the Catalog of Federal Domestic Help (CFDA) and Grants.gov – these are two sites made by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Even SBA does NOT give out grants. From the SBA website
“The U.S. Tiny Business Administration does not offer grants to start or expand tiny businesses, although it does offer a wide variety of loan programs. (See for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide tiny business management, technical, or financial help. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”
Here is a listing of federal grants for tiny businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
I suggest you read the following books to get thoughts of how to finance your business:
Financing Your Tiny Business
Tiny Business Financing: How and Where To Get It
Financing the Tiny Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing
The SBA Loan Book
Angel Capital : How to Raise Early-Stage Private Equity Financing
Financing Your Small Business (Barron’s Business Library Series)>
Get in contact with your Tiny Business Developement Center in your area. They will help you get the forms together and the places to apply for this type of thing. These new tiny business loans are the most hard type of loan to get, because of the business failure rate. You force have to get a personal loan.
The SBDC has free help, classes, and seminars. That is a grea place to start and they can guide you through the whole thing.
Links to these places are not more than.
I reckon one shop around for business help and two i don’t know if you have ever seen this comerical. There is this idiotic ancient getleman on t.v. who wears a suit with question marks on it. He markets a book that tells you about the government giving away money. His name is Mathew Lesko.http://www.matthew-lesko.com/ . This website should help you.
The simplest or probably more dependable way is most likely thru close relatives or friends.
Other than that, you will need to make a very excellent business plot and go over it with a loan officer at the bank.
I tried to look into getting a tiny business loan & found out it really is not for a new business getting started. They want you to have been in business for a touch like two years to qualify. You will probably have to buy your equipment with credit or a loan from a family member. Work on getting exceptional credit before you try to start, it will really hurt you if your credit is terrible.
Mortgage some property
, Grants are the best way to Start a Business or go to College! As well as Foundations they also offer mney at no cost ‘ For interest the Univeracity of North Carolina has Grant Money availabe in their Arts program.!!
As for loans they force have a tiny interest rate at the beginning’,Then the bank can raise the interest rate , fees,and so on.
If for reason your business may go bankrupted, Make sure that your business is Incorporated/.
Which will separate business from personal fiances.The Bank can’t get personal assets ll when you’ve Incorporated your business!..
Make sure you get that Grant!! It’s free money!
There is allot of money that know one remembers about , Katrina, Rita, Homeland Security, Helping are Soldiers by making something new or old What they need to fight or to relax! Our soliers are getting tired , To many tours in Iraq Make somethIng usefull to relax these guys and women..
Or make someting for our wouded > Go to Waler Reed and see what they need to be a productive citizen again!!!.
Education, the Arts The university of North Carlina as a lot of money in their art foundation please check all Foundation’s they are also free money!!
Go to your local library they have many reference books on all the Foundations , Plus Grants Or any web sites
which or Rep or Senator’s there’s a link to every Government program . Just have a lot of paitences when going through those programs.The forms are in the library .
If you Can get a Grant you”ll never have to pay back.
. A loan is a loan.!
I know you may disl[ke an attorney but you’ll need the best corparate lawyer in your State. He’ll make sure you no every rule to stay on ,taxes etc.
RaeAnn
i heard of a sucessfull business man doing it with his american express card.
I to have been thought of this choise in life i see some excellent answers here and thank you for asking the ?. also we share a comunallity, i drive a rig. i,m looking at the broker end of the gig. if you haven,t been checking out oversizied carriers and makers of equipment in your area i would do that. see what the market is. make some relationships with these folks. the car, radio,poles and other equipment is nominal compared to knowelge of the land around you. GOD BLESS. and if you want to bouce some thoughts i am at
>> what i want to do is start up a pilot car / interstate usher service ( you know the cars that lead the “oversized’ and “wide load” trucks down the interstates).
Why….do you do that now? I’m asking because why would anyone fund a business that you’re not an expert in? Have a business plot?
Go to the bank with a business plot. Prepare the groundwork and they’ll know your serious. Otherwise get a excellent lawyer first and take the other scale, but hey who said anything about sticking up a bank?
Do your Research Well b4 you apply…Investigate all the pro’s and con’s of the business you want to start so that you have all the answers ready when it comes to the loan aplication…..make sure you have plugged all the possible holes that force pop up…just to be on the safe side…get your thoughts ect …all on paper ready to present if need be….
Place together a business plot detailing your costs and how the pay out will be returned and take it to your Bank.
have a excellent bank and excellent standing with them with excellent credit and when you open your company dont baggy your cool when it gets hard i helped on guy with a pizza place and he threw phones and anything that wasnt nailed own just cause a pizza manner of speaking driver’s car broke down while on assignment just take it simple and dont go off on your employees when a touch goes incorrect also dont expect to make millions in your first year your going to make a small bit before you climb thats always how it works good luck with your usher truck service i wish you the best
The best way is to get it from the bank. Natwest bank is the best
they will give you loan and you will started paying back after six months.
You’ll need to have colorless skin.
First you have to question yourself would this work? Does the interstate in PA, need an usher service? Research how many of them exist now and check to see if they are doing ok. If they are and there really is a market for more business, then I would work with a grant writer and write up a business plot, show how it could help the area you are moving to, then you would have to apply for the grant, and/or apply for the business loan at the bank, they will want to see your finances, your background if you would be able to handle such a venture will determine if they would finance it. It also depends on how much you would need to start up. You could in fact place out the word you are starting the business and looking for potential clients, if you have a list of potential clients, that looks excellent too.