Hi everyone, I’m really looking for some guidance! I’m trying to get financing to buy a food truck business that’s been doing well for over 9 years. I thought I’d be able to get a standard small business loan, but since I don’t own it yet, they’re considering this a startup.
My situation:
- I just bought a house, so I don’t have enough equity for a home equity loan or line of credit yet.
- My bank and credit union don’t give loans for startups.
- No collateral available.
- All the grants for this year are closed.
- I don’t meet the SBA loan requirements because I haven’t worked in a management role in this industry.
Here’s what I do have:
- Reliable income from another job to cover loan payments if needed.
- Excellent credit.
- I can put down 20% of the $60,000 total.
What other options should I consider? Are there specific lenders or organizations that might work with my situation? Or maybe a cosigner would help? Any advice is super welcome. Thanks a ton!