Small Business Startup

Glendale AZ

Description

I am CDL driver working for a local company hauling asphalt, aggregate, etc. My dream is to run my own trucking business as an owner operator. I have been diligently working towards this goal, and have everything done apart from purchasing my own truck. I have found a truck that checks all the boxes for what I am looking for, however, finding financing has brought my venture to a halt. Any local banks that I meet with, require a minimum of 24 months in business before even discussing loan options - there’s no possibility to provide two years’ profits without a truck to do the work. An SBA loan would provide way more funding than I need, so that is not a smart option. I have recently worked very hard to rebuild my credit from stupid mistakes I made at a younger age, and while I am still working to positively impact my credit reports, I have $20,000 to put towards a down payment - even so, I am being dismissed by lenders. I am told I need commercial collateral to cover the amount I need financed or I need 50% down to be approved financing for the remaining amount. With this truck being my first business purchase, I do not have additional collateral to offer, so my only option is increasing my down payment. I have multiple jobs offers, with immediate start dates, pending the purchase of my first truck. I am seeking an additional $40,000 to go along with my $20,000 to hit the 50% down amount needed. I am open to whatever terms that are fair for both parties. Realistically, I am looking to pay back this 40k within 3-6 months - I have created yearly projections based on my current job offers in order to plan monthly net income as accurately as possible. I am open to any and all offers and suggestions as I am eager to start. I do not jump into this lightly and am more than prepared to be successful in this venture. I am an extremely hard working individual and will be even more so with the responsibilities of running my own business. With the hours I put in each week at my hourly job with a local company, it excites me to know how much more I can provide for my family if I were doing that same hard work as an owner operator. All it takes is one yes and one person willing to help make my dreams come true. I am more than grateful for your time; thanks and be safe.