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Truck - Trailer Financing A discussion for owner operators to find info on the financing of eighteen wheelers and trailers. Don't get ripped off by shady dealers and financeers. We have an expert that can answer your truck financing question here so you can do it the RIGHT way!

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Old 01.09.2008
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SBA guarantees loans that are made by local bank. So the process would be to go to your local lender and make an application for financing to an SBA loan program. I assume the purpose of having SBA sign onto a loan is to protect the local lender and/or provide funds to smaller operations.

I will warn you in advance, like any other government agency, the SBA will over load you with forms and paperwork, and they move at the speed of smell.
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  ^ Top   #12  
Old 2 Weeks Ago
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Go to SCORE

You do not have to be turned down for a loan through the sba first.
Many banks/lenders will try to get your loan approved with out the sba backing because of additional cost to the bank (I.E. paper work).

The SBA does not loan money by the way. They will guarantee a portion of the loan.

As goes in life some SBA offices are more helpful than others.

Do business plan and have mentor look over it. You can get mentors to help you for free or for a fee. Score has access to free ones.

Look; take all this information with a grain of salt. I am not currently in the trucking industry. I am considering it and I will drive for at least a year for another company before I do anything. After researching this industry it looks like the real money is in the brokering industry. I will probably go that rout when I learn more.
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