Business Loan question

JamesM095

Good evening folks, I hope you're all doing well given the circumstances we all find ourselves in right now.

It's my dream to own my own haulage business and I have made the decision to pursue that dream. I am looking to find a loan between £40,000 - £50,000  and was wondering if anybody had any suggestions to where I might find one of those.

Many Thanks

James. 

robber2

how much of your own cash do you have to put into the business?

DCFC79

JamesM095 said:

Good evening folks, I hope you're all doing well given the circumstances we all find ourselves in right now.

It's my dream to own my own haulage business and I have made the decision to pursue that dream. I am looking to find a loan between £40,000 - £50,000  and was wondering if anybody had any suggestions to where I might find one of those.

Many Thanks

James. 

A haulage business but why ?
I take it you would be starting off small, some of the firms that have been around for years have fallen by the wayside, is there enough of the market 
Do you have a business plan ? 
What area of the market would you place yourself into ?
Are you aware of the various costs businesses face ?
Do you have ANY experience of a haulage business whether its working behind the scenes or on the frontline ?

MEM62

You will need
* A solid and realistic business plan. No daydreaming or wishful thinking here.  
* 50% of your start up costs in the bank. (A significant sum as you will need a big investment in equipment, O Licenses and premises to park your LGV's)    
* Sufficient funds to survive personally until the business can afford to give you an income. 
* A understanding bank.
* And probably a post-Covid lending environment.  

Sandtree

JamesM095 said:

It's my dream to own my own haulage business and I have made the decision to pursue that dream. I am looking to find a loan between £40,000 - £50,000  and was wondering if anybody had any suggestions to where I might find one of those. 

What capital are you putting up?
Are you limiting yourself to unsecured business loans? If its to get vehicles would you consider other forms of asset finance? Would you look at personal finance like a remortgage to release equity?

bris

Its all about security, they have 50k to lose so the answer is no, unless you can come up with roughly hafl and have a house the can take if it all goes wrong.

Business plan? No they are a very small factor in business lending now and have been for a long time.

macman

Not nearly enough info. What security are you able to offer in return for the loan?

Herzlos

This seems like a terrible time to get into haulage, or goods couriering. What's your business plan?

MEM62

Herzlos said:

This seems like a terrible time to get into haulage

Actually no, the industry is buoyant at present.  Our warehousing and distribution operation has never been busier.