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    3 Replies Latest reply on Sep 15, 2008 3:56 PM by GrowthCurve

    Credit Card, Loan, or Line of credit???

    IndRvrSvcs Newbie
      Hello all.....been perusing this site for a week or better now, first post. I own a courier company that has been "dormant" since Feb of 2006. I started the company with an old rusty Datsun in 1989...arrived every day at State Offices (with a Fla State-term contract) and ran my route for those 17 years faithfully. The vehicles changed.....they got newer/better over the years.....but a massive reorganization in late 2003 left me in the cold without a contract. I struggled on for another two years, hanging on to a Purchase Order from another local Government agency to do a run involving warrants/files, the jail, etc.....

      Now this same local Government entity is advertising 3 courier runs up for RFP.....I just got back from the pre-proposal meeting. In attendance were only two competitors......and three representatives of the Government agency whom to a one, said my name and asked, 'You still with Indian River Services???" One RFP (Courier run) is out of my limit....but the other two? I HAVE NO WORKING CAPITAL. I went to my branch of B of A this morning, intent to apply for an SBA loan.....they don't do SBA loans. Start-up costs are going to be expensive. Fuel alone....well, you know that story. One run will be easily 100 miles/day, 8 gallons.....the other is two days/week, easily 180-220 miles/day. Then there's the insurance. I currently carry 300,000......but they now want a 1,000,000 (including errors/ommissions)

      Collateral: I have a nine year old SUV with only 70,000 miles that will do for a short spell.....but this business ruins vehicles in short order. One has to view vehicles as "expendable" property. Book on this SUV is around 5-6K. What are my options? My personal credit isn't perfect, but it isn't trash, either...I believe. I currently hold my B of A Small business account since the early l990's....

      Help. What are my options before I write this opportunity off. I have a Business Plan......this time....(sure beats a rusty Datsun, 'eh?)