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How can I finance my one-person trucking business?

I have over eight years, and 1,000,000 miles, in the trucking business. I have access to financing a semi tractor-trailer with $0 down, but don't have money for the I.C.C. Authority, plates permits, insurance, etc.

I have a broker with steady freight for me to haul and very good rates as well. Is there a way, or a place I can get a grant or other types of funding for this startup?

The SBA, and Venture Capital firms aren't any help because there is actually no collateral or a "rolling stock" as called isn't financable in their opinion.

Any ideas, or advice you could pass on would be very greatly appreciated.

Question posted by Bplans User (488 points) 1 year ago. Answers: 1

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I have trucking client and am familiar with the challenge you face... You are right this is a straight overhead and prepaid expense issue.

The best and only solution I see is this--get your broker to pay the I.C.C. Authority, plates permits, insurance, etc., expenses and then deduct a pro rata portion over time (six to 12 months) this is common practice amongst trucking firms that contract owner/operators.

Now a broker might be resistant to this idea however, finding qualified truck drivers is not easy so do not sell yourself short. The other alternative is to approach other trucking firms and ask if they are looking for owner/operators. Most I know will love to speak to you.

The last point I would suggest is to choose a specialty--Vans vs. Open Deck, Canada/USA or specialized freight. Hope this helps.

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Greg Balanko-*******

Answer posted by Greg Balanko-Dickson (63 points) 1 year ago

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