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    1 Reply Latest reply on Jul 19, 2010 9:53 AM by phanio

    How to qualify 4 financial assistance w/start-up business?

    sparky278 Newbie
      Hello from Baghdad, Iraq. I am a U.S. Citizen, planning my own personal exit strategy to return home to the United States and start up a transportation/warehouse company.

      I have excellent credit and have just now purchased my first tractor/trailer, and a delivery truck, and have signed a lease on a warehouse for cold storage of fruits and vegetables.

      I haven't incorporated yet, but want to seek guidance on how to approach lenders or financial institutions for pre-approval of a lease-line for approximately $250K - $500K, for additional tractor-trailers, forklifts, office furniture & equipment, I am not looking for a shot-gun method of applying to every financial source out there and have my credit scores run into the ground, by curious lenders who have no intention of funding this start up project.

      There are no mortages on my modest home and no liens on above vehicles.

      What do you suggest, please?
        • Re: How to qualify 4 financial assistance w/start-up business?
          phanio Pioneer
          Trying to get $250K to half a million for a start-up will be nearly impossible unless you have current income to service a loan that size or collateral of twice that amount.

          If you already have a trackor/trailer and warehouse - why not run those for a year or so and build up you business before attempting to expand?

          If equipment, I would suggest you seek out non-bank equipment lenders - they have less rules and requirements than banks and tend to have prgrams designed just for start-up businesses.

          Lastly, write a business plan and ask you bank opr other local banks about their SBA programs - there are several programs for veterans.

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