PIB tip: Prepare for loans

| August 04, 2014
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.

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