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PIB tip: Prepare for loans

Partners in Business is sponsored by Ryder and Goodyear.

Partners in Business is sponsored by Ryder and Goodyear.

When you apply for a loan, be prepared to provide as much information as you can. You’ll need a budget, a business plan and a cash-flow statement when you apply for a loan. Be prepared to list credit references, even if you don’t have a perfect credit history. Include present and past creditors. Show the lender that you are a business owner first and an operator second.

The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm. It is sponsored by Ryder and Goodyear. The next Partners in Business seminars will be Aug. 22 and Aug. 23 at the Great American Trucking Show in Dallas.

  • localnet

    Good luck…. Me and a buddy were trying to purchase two tractors for use in the North Dakota oil fields. We have both previously bought and owned trucks. We both had a lease agreement in hand for a national ag carrier, not some fly by night outfit.

    We had 20% down, more if needed, but wanted to keep that cash on hand, as we were looking at used equipment. Also, our credit scores were both 700+… We had the business plan, LLC set up, along with a D&B account… Both of us have well over twenty years in this business… How do we sound? Credit worthy enough? No bills, no outrageous credit card bills, and cash in the bank… No one would touch us, no one.

    My buddy said piss on it after three months of attempts and ream upon ream of paperwork. I said screw it and paid cash for my truck and am back in Michigan running expedite. Like I said, good luck.

  • Kendall Oakleaf

    You are a American you cant get crap change your race and ethnic background.

  • Johnny Good

    This is great advice for small business owners seeking financing. Start-up businesses don’t always get lucky when it comes to loans, but you can always try and click to get affordable financial assistance. In addition to these tips that have been proven effective, it would be helpful if we have secondary source of income. And, we should also be transparent with our assets if we want banks to trust us. Entrepreneurs need to be very resourceful these days. If you find a reputable consultant, funding is right around the corner. Approaching multiple lenders with a strategy can be very effective. strives to maintain an open forum for reader opinions. Click here to read our comment policy.