Short time lurker here looking to see if I can get some ideas about my situation. I am looking to expand my Dad's trucking business. Currently he has a great gig going but he needs some help getting it going. I would like to jump in and get him more trucks so that we can increase revenue.
Currently my biggest question is how much money is it reasonable to expect for a loan? I saw online that the average loan was $300,000. I don't know if I am wildly ambitious but I'd like to secure us a loan for 10 brand new trucks so that would be roughly ~1.3 million. He already has a revenue stream of 500k right now and approximately $260k goes to him after all expenses including a 15k fund for any repairs which are next to none because he buys brand new trucks. He drives one truck and the other has a driver. I read online that you need roughly 10-30% collateral so that would be anywhere between $130k-390k.
The next thing that I'd like to mention is that I am in the works of creating a business plan because he currently does not have one. I wondered if he would need to have a business plan before we even bother going down to the SBA office.
If you have any questions or any comments that might help it would be greatly appreciated.
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