We started our trucking busines by selling our home. The truck was paid for by cash and our credit was great. After a-years-and-a-half the engine blew and we were out of business. We lost our home, vehicles, everythings. and now we are living with my mothe-in-law who has dementia and basically if it wasn't for my dear mother in law; we would be homeless. We still have the truck which has a brand new engine, but do not have the money to get it back on the road. We would need at least $30,000.00 to permit it, insure it and have operating costs for fuel and maintainence until the brokers start paying and normall is 30 days unless you can get some that pay quick pay. Can we get any help from our government. My husband is Choctaw Indian and was named our trucking business Choctaw Transport. If we could get a loan that would save us. Things are not looking good at this point in our lives and we need help at this point.
Stuburn1954@aol or call (760) 619-1599 ask for Paulette
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BizResearcher | Window Shopper |
4/7/2010 - 8:33 am
You might register with your state's department of purchasing. That way, you can bid on hauling contracts when they become available. As a minority business owner, you would have some priority in securing such contracts.
What about a loan secured against the truck? it sounds like it'd be worth quite a bit?
you could also look at accounts recievable factoring if cashflow is the issue, this would give you cash when you need it at a small price rather than getting it all in a large hit later.
also, what happened to the truck? Can you claim insurance for the repairs? Do you have business interuption cover? This sort of thing is exactly what it's designed to cover.
If you don't have it yet, look into it!
ChristineL | Former Moderator |
3/30/2010 - 7:29 am
Hi ChoctawTrans,
You can search our loans and grants database to see which government loans you are eligible for.
Have you considered microloans? SBA can lend up to $35,000 to small business owners. You can also look into loans for business owners with poor credit.
Does anyone else have suggestions for ChoctawTrans?
great suggestion bizresearcher, i'm sure that'll be very helpful once they're up and running again!
A few more ideas that might help you riase the cash you need to get back on the road:
Purchase order factoring: this allows you to get cash now based on a puchase order you've been given. if you can line up a few contracts now, you could factor these to get the money you need to carry them out.
You could also look at hard money loans secured against the truck if you cant get a regular loan for income reasons. HM loans are based almost solely on the equity you have in your security, as the truck is paid off you should be able to raise funds against it, perhaps enough to get you back on the road.
avoiding a foreclosure is something everyone wants to do - if you're facing
foreclosure get educated and you just might save your home.
BizResearcher | Window Shopper | 4/7/2010 - 8:33 am
mrhelpful | Contributor | 4/6/2010 - 4:37 pm
ChristineL | Former Moderator | 3/30/2010 - 7:29 am
ForeclosedHomes | Window Shopper | 4/8/2010 - 1:03 pm
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