Please sign in to post in this forum.

ForumsMerchant Services

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
22 Replies Last post: Aug 16, 2008 8:40 PM by MsLili

Small towing operation startup financing

Sep 30, 2009 12:51 PM

Click to view ESTA40's profile Start-up ESTA40 1 posts since
Sep 30, 2009
I am trying to startup a small towing operation but need help finding financing. Although my credit is poor (due mostly to repercussions of a divorce a few years ago), I do have collateral in the form of a rental property that I own outright and is valued at around 60k. All I need is 20k, but cant find someone to help make this happen. Anyone have any ideas?

Eric
Tags: international, euros, foreign, france, europe Report as inappropriate
Click to view CCS_INC's profile Mogul CCS_INC 37 posts since
May 4, 2009
1. Re: Small towing operation startup financing Oct 3, 2009 3:37 PM
in response to: ESTA40
Consider building corporate credit. Are you already incorporated?


CorporateCommercialServices@yahoo.com

Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,942 posts since
Aug 6, 2007
2. Re: Small towing operation startup financing Oct 3, 2009 6:05 PM
in response to: ESTA40
Small towing operation startup financing, Welcome Eric

Where are you located?? Have you developed a business plan that I can read??
<!--Session data-->
Report as inappropriate
Click to view phanio's profile Mogul phanio 487 posts since
Apr 7, 2009
3. Re: Small towing operation startup financing Oct 4, 2009 10:08 AM
in response to: ESTA40
You can always approach your bank or credit union with your collateral to see what they will do - it is really up to their individual loan policies. They may also offer SBA progams to get you started. There are also micro-credit loans or peer-to-peer lenders that could help if you credit is not completely destroyed. There are also non-bank commerical property lenders that could provide equity loans on your property who may also take more risk due to your credit.

You could also bootstrap - by asking friends and family to invest in you - as they know you best.

But, your best bet is to fix your personal credit - take the time now to improve your personal credit history - this way as you start and grow your business - you will not have to face this hurdle again. Remember, not only do lenders look at credit (personal credit) but so do most suppliers and some customers not to mention insurers and landlords.

Business Money Today
www.BusinessMoneyToday.com
Report as inappropriate

More Like This

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read