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    1 Reply Latest reply on Jul 25, 2008 2:08 PM by LUCKIEST

    In need of $15,000 - $25,000 LOC

    jnj195 Newbie
      I purchased a beverage route on Long Island 4 months ago and I have run into some bad luck with my beverage truck. I purchased route using money in the bank, and the previous owner is holding a note for about 40 percent of the business.

      I am in the middle of replacing the engine and some other major parts. The repairs are going to cost me about $12,000 but hopefully the truck will be reliable now. I have lost 6 work days due to engine problems in the last 2 months, the repaired nine will have a 12 month 12,000 mile warranty.

      My sales are up month to date and year to date over previous owner. I expect my yearly volume to increase 7 - 8% over previous year. I want the business to cover itself and it basically does even though fuel is up, and I spend more on employees stocking shelves in the supermarkets than the previous owner did. I do not currently draw a salary, but my wife and daughter do as part time workers.

      I do not want to mortgage or use any more of my own money to finance my cash flow issues. I have been to a few smaller banks and they do not want to talk since the business has only been around for 4 months.

      Does anyone have any suggestions??