Can you find grants or loans for starting a small business?

I am a student with poor credit trying to start a trucking business. I am unemployed and don't see anywhy of altering my credit score so how can i find and qwalify for a grant or loan? a friend who started his own business said ther out ther but i cant find anything that directly applies to me. plus standerd loans wont work becouse the banks want co-singers but my partner and the only person willing also has a bad credit history so the bank keep saying no. If anyone knows anything please!

Can you find grants or loans for starting a small business?

see if you can be an owner operator for one of the trucking lines to get started. to get your credit card try for a securied card.

Can you find grants or loans for starting a small business?

There is a book in the library called 1001 federal grants.

try that

Can you find grants or loans for starting a small business?

If you're really set on getting a small business grant, try browsing your local government's web pages for more information, or try doing a google %26quot;dot gov%26quot; search (go to the advanced search options from google's homepage; somewhere on the page is a link to a dot-gov search) for small business grant applications and requirements for qualification of those grants in your city and/or state. Many of them have deadlines and require well documented business plans to be submitted with the grant application. Be prepared for a LOT of paperwork, and it may even be a good idea to consult with a lawyer.

Other than small business grants, I do have another suggestion, although I realize it may be impractical or unapplicable to you. However, if you find that it's darn near impossible to obtain a grant, this may just be another option in the future.

First and foremost, banks will ALWAYS say no if you're unemployed. Get a job (part-time may not be an option) with another trucking company for the time being, or at least be working in the field that you'll eventually want your business to participate in, and make sure your work record is as good as possible. (attendance, willingness to cover extra hours, etc. - banks look at your work record too!)

Your next step is to build/rebuild your credit - and that can be really easy, even though it takes a lot of time. If you can get one, low-limit credit card, you can put expenses on that card that you know you'll pay every month - like the energy bill, phone bill, or groceries. Don't miss a payment! Skipping a month can make it look really bad for you on paper - the banks will interpret that as you're spending far more than you can afford, and are getting into debt; this makes you a higher risk from their perspective, and lowers your credit score in the process. My husband and I eventually got a second card that we only use to pay for the gas in our vehicles. Since we know it's an expense already in our budget, we put it on the card and it helps us look good on paper; what banks are really looking for in credit reports, is a history of timely and full payments.

Thirdly, don't expect immediate results, it took my husband and I two years to bring our credit score from %26quot;poor%26quot;, up to the %26quot;fair%26quot; range. If you're really committed to starting your own company, chances are you won't mind the wait to reap the rewards of your hard work.

Hope this'll give you a little help! Good luck!

Oh, and if you want a starting place for finding a credit card, try capitol one; we started out with one of their lowest limit credit cards, and after 6 months of using that card as I said above, they raised our limit. That doesn't mean use up your entire limit each month! Always use your credit card responsibly - It goes on your permanant record!

Can you find grants or loans for starting a small business?

OK, you said you are 21. Does this mean that you have your CDL? Are you planning to drive your truck or try to hire your own driver(s)? There is a lot more to to trucking than %26quot;starting your own trucking company%26quot;. Do you have your own customers already? What about finding back-hauls? Will you use a broker for all your loads?

If you are serious about owning your own truck, let me tell the easiest way to do it. If you don't have your CDL, you can go to a school to get it but be ready to shell out some money ($5000 when I went), but the best is to sign on to a company that offers driver training, there are a bunch of them. If you stay with them a year they will %26quot;forgive%26quot; the tuition. During this year you need to work on your credit record, you will need it later. After the year, almost every company has a lease purchase program, be sure to read the fine print and make sure it is a walk away lease in case something happens you are not stuck in that lease. Do this for at least 1 year, this will start your track record as an owner operator without having to get financing for the truck. Now if you still want to own your own truck you will be in a very good position to go to your bank and ask for the money for your own truck. Now after you develop your track record as a true owner operator you can add trucks and drivers to your fleet.

Once you learn the ins and outs of trucking you could go and get your own authority to haul your own freight and have your own trucking company, but you will probably see that keeping your trucks leased to a company or possibly 2 or 3 will probably be the best. But if you want to start your own company it is doable but definitely not overnight or next week.

Also, if you and your partner want to drive together there is a huge demand for teams.