Business Loans ??

Discussion in 'Starting a Lawn Care Business' started by yardmanlee, Jan 31, 2006.

  1. yardmanlee

    yardmanlee LawnSite Senior Member
    Posts: 898

    I get to meet w/ my bank on thursday about getting a loan for the business
    already have a great base of clients and most of the equipment that I need
    already. My question is they want some sort of business plan /what will the money be used for ? example I would like to do some advertising next month
    and start a crew to help me out needing another truck and trailer I have enough equipement now for me and 2 other guys. just some suggestions
    on what to write ?

    Thanks for any imput
     
  2. cpritch

    cpritch LawnSite Member
    Posts: 77

  3. out4now

    out4now LawnSite Bronze Member
    from AZ
    Posts: 1,796

  4. BSDeality

    BSDeality LawnSite Silver Member
    Posts: 2,850

    I have a meeting with my bank setup for this week also. I'm looking to get a line of credit to have available to me at a moments notice. They want to see last years tax returns, Profit/loss statement and balance sheets, as well as my articles of organization for my LLC.
     
  5. out4now

    out4now LawnSite Bronze Member
    from AZ
    Posts: 1,796

    I'm amazed they are only going back that far. It would depend on the amount to though.
     
  6. BSDeality

    BSDeality LawnSite Silver Member
    Posts: 2,850

    i'm also a very young company, the LLC is only going into its 3rd year this year. I am only looking to get $5-10K as a line of credit,
     
  7. daveintoledo

    daveintoledo LawnSite Silver Member
    Posts: 2,587

    to get the actual business loan, you need to provide two schedule c's from your taxes.... if you can provide that, i think there are better tax advantages to the business loan....kind of depends on where your at with your business and business plan...

    i know because i couldnt provide the two schedule c's:blush: yet
     
  8. TJLANDS

    TJLANDS LawnSite Bronze Member
    Posts: 1,669

    It has been a while but I think when I met with a bank officer about a loan they were most impressed when I told them I wanted to get my trucks all looking the same with same logos, lettering etc. so people would recognize my company better. It might help.... Good Luck!
     
  9. CNYScapes

    CNYScapes LawnSite Senior Member
    Posts: 916

    Banks around here dont require any tax information for lines of credit under $50,000. If you have a couple of years under your belt Ill bet you can find a bank to do it as long as your credit is excellent. Line of credit is by far the best business decision I have ever made, it has let me operate like a larger business by making purchasing decisions on the spot to take advantage of good opportunities, and it is always there to get you through a rough stretch. It is very comforting to know the line is there if you have a slow stretch in the off season or any season.
     
  10. daveintoledo

    daveintoledo LawnSite Silver Member
    Posts: 2,587

    thats right, thats the difference between line of credit, and a busines loan....(loan under the corporation name, not your personal name)
     

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