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7 Replies Last post: May 12, 2009 1:35 PM by CommunityTeam

unable to get a loan, any suggestions???

Jun 23, 2009 12:35 AM

Click to view have_faith's profile Professional have_faith 3 posts since
Jun 22, 2009
I am trying to start my own business, I have made some mistakes in the past related to my credit history but have recently paid some things off and got my credit scores above 650. My husband and I make over $100,000 a year and want to buy a dumptruck. We have found one to buy but are unable to get a loan. We are willing to put up collateral if we have to, what are we doing wrong??
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
1. Re: unable to get a loan, any suggestions??? Jun 23, 2009 8:15 AM
in response to: have_faith
Get a loan, any suggestions, Welcome

Who are you?? Go to Members page and share some info.

What are you going to do with the dump truck?? Do you have a business plan??
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Click to view have_faith's profile Professional have_faith 3 posts since
Jun 22, 2009
2. Re: unable to get a loan, any suggestions??? Jun 23, 2009 12:39 PM
in response to: LUCKIEST

My name is Brandy K. from Medway, Me. We do have a business plan. My husband is going to work under Lane construction, hauling gravel, asphalt, and grindings on the I95 interstate up here in Maine. It is a huge job that will be going on for 2years. We will be co-owners and he will be the operator of the dump truck. He has been in this business for 19years just no with his own truck. Thank you for responding....
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Click to view have_faith's profile Professional have_faith 3 posts since
Jun 22, 2009
3. Re: there is a solution for you at point financials services Jun 23, 2009 11:20 AM
in response to: mr_mark
Thank you I will do that, I appreciate the info.
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Click to view barcelona's profile Start-up barcelona 1 posts since
Jun 23, 2009
4. Re: there is a solution for you at point financials services Jun 23, 2009 1:13 PM
in response to: mr_mark

we have the same problem with have_faith.I'm so thankful that i saw your answer abt point financial services. I will try to contact them. I just hope they can help us, so we will be able to open up our restaurant this august. thank you so much!
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Click to view austinstrick's profile Authority austinstrick 11 posts since
Jun 24, 2009
5. Re: there is a solution for you at point financials services Jun 24, 2009 1:13 PM
in response to: mr_mark
Thanks for the information.
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
6. Re: unable to get a loan, any suggestions??? Jun 28, 2009 9:31 AM
in response to: have_faith
Good to see that you have improved your credit - that is probably the biggest issue holding people back. If you are seeking a dump truck - think about a equipment lender. There are numerous non-bank equipment lenders that do not have the same requirements as banks - they do not require as high a credit score (your's will work), they work with start-ups, and they only work with equipment loans - thus they understand you and your needs.

Business Money Today
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Click to view sba8aexperts's profile Authority sba8aexperts 10 posts since
May 18, 2009
7. Re: unable to get a loan, any suggestions??? Jul 1, 2009 9:03 AM
in response to: have_faith
Are you certified with the Department of Transportation? Perhaps there is some local, state or federal program to help get your small business going. Contact your local branch to seek it out. And in Texas there is a program called Technical Assistance Program ( TAP) that offers up to $10K business development services to small business owners to help them get prepared to do work with TxDOT. Check out www.TAPprovider.com for details.

Good luck on your new business! There is a ton of work coming down from the Fed on construction-related work.
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Click to view anathema's profile Start-up anathema 1 posts since
Jul 16, 2009
8. Re: unable to get a loan, any suggestions??? Jul 16, 2009 10:12 PM
in response to: have_faith

Have you registered your business name? Do you have a licence? Maybe I could help
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