This loan application was reprinted from a lender who lives and works in Houston, Texas. Him and his wife run a small business successfully, whereby they haul materials to and from for other companies. This is a business to business model, and this particular small business loan requested a loan for almost $100,000. A hundred grand would be a nice round number for this small company, and it would give them enough upgrading capital to replace there truck and hauling trailer.

This is the difficult part of running a business – when you have to upgrade equipment. It’s really expensive but it has to happen. For the sake of this capital loan we will do the calculation first. We’ll round this up to one hundred thousand.

• Principal loan = $100,000
• Interest (assuming security) = 8%
• Length of term = 5 years
• Payment schedule = biweekly

The numbers play out like this;

Total paid: $12,015.37
Total Interest $2,015.37
Payments: $92.17

The total monthly cost of this financing is quite reasonable at $184.34 per month for the payment, and within 5 years these small business owners will be clear and free. As long as no other problems come up as far as trucks and trailers go.

The loan was approved within one week, and there was no major issues with getting approved. The form of security on the loan ended up being home equity though, which is predictable. Banks and lenders want to have some pretty solid collateral these days – in Texas, Florida, California, Ohio, Washington and New York – it’s all the same until the markets finally correct themselves and the economy starts to recover.

It’s been really hard to find cheap money loans for small businesses since the crash of late 2008 (as we all know) and the stimulus was not structured in a way that could have really spurred small business growth. Anyways, I digress – there is a load of stuff that needs to get moved from Houston to Dallas by tonight!

App for Bad Credit Small Business Loan – Houston Texas

Type of Loan: Bad Credit Business Loan

Why do you need a loan? – We need to purchase a newer truck and trailer. We currently have a 1999 model and need to upgrade to a model that meets emissions laws. We also have to purchase a trailer – because of trailer rent we pay the company we are leasing from. The rent will pay the trailer payment and most of the truck payment.

If for Business, tell us a little about your business – We are owner operators and have owned our own truck since 1979. My wife and I run as a team.

How Much Do You Want To Borrow? – Between $80K – $90K

Length of Employment – Over 5 Years

Time at Address – Between 3 – 5 Years

Age – Over 40

Anything else that would help us get your loan approved : We are trying to improve our credit . We don’t buy anything we don’t absolutely need. Because my wife and I run the team we stay out for 3-4 weeks at a time before we go home for a weekend. We do this to utilize the longer loads over the weekends.

Sex – Male

Marital Status – Married

Ever Claimed Bankruptcy? – Yes – discharged

City and State – Houston, Texas

Have you checked your credit report lately? – Yes

Would you consider your credit rating to be? – Poor

Collateral? – No

Down Payment? – Yes

If down payment, how much? – Tractor trade in, or will sell tractor for cash.

Do you a have co-signer or co-borrower? – No

Employment Industry – Trucking industry – we pull end dump trailers hauling fertilizer, landscape rocks, and alloys for steel mills. I have been driving a truck since 1981. I have a degree in diesel and heavy equipment repair and try to do most of the maintenance on our equipment.