Trucking: Funding for start-up trucking company w/ Bad credit!, mortgage loan officer, rich relatives

Question
Hello Mr. Stephens,  My name is Wade Evans III from Memphis,Tn and my partner and I are in the process of starting a trucking authority. We have 5 trucks now w/50 trailers but we need about 25k to 50k for working capital to fully operate. Is their anybody out there that can possibly shine some light on our venture! Or can you show us how we can get funded. We have a nice set-up for repay of funding or partnership! My partner has been in the business for 9yrs w/extreme knowledge of the business (freight broker) and I am a mortgage loan officer w/ 7yrs of B2B sales experience. All we need is the working capital and we'll be on our way to make a great living for our families. Please feel free to email me what you think or give feed back on what we need to do make this happen.
Thanks for you time,

WADE EVANS III

Answer
Hi Wade.

With bad credit, you already know that your options are limited.  I'm not sure if you have the titles to any of those trucks, or trailers, but that's good colateral.  A bank may give you working capital with a couple of titles in their hand.  Even with bad credit!  Maybe the loan has to be in your wife's name, if her credit is better.  Don't apply for a bank loan online, go to a local branch and talk to the branch manager.  Tell him your story.  He/she may be able to pull some strings.  I've seen it work!

50 trailers is very impressive.  You may choose to sell a few to raise money that way.  

The SBA may be of some help, or sites like www.businessfinance.com.  The SBA could guide you in the direction of lending companies that can help.

Last, if you have no rich relatives, you may have to get another partner.  Put an ad in a paper looking for some financial backing.  In return, you'll pay back the lender a percentage every month, plus interest, until the loan is paid back.  In return, he/she is part owner of the company.  I've seen this work out before.  Just make sure a lawyer draws up the paperwork.  You don't want any suprises!

Good luck!

Bob Stephens