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We directed him to the SC Secretary of State’s office to register as an LLC, and helped him with his business plan and financial projections in preparation for applying for a loan.
Because he’s in Union County, we suggested he apply for a loan from the Michelin Development program, which offers low interest business loans for viable small businesses in that county. The application for that loan is a significant document, and he found it intimidating as most people would; so we helped walk him through it.
He was thrilled when a couple of months later, Michelin approved his loan. Since then, he has purchased a truck and as of 1/28/2011 started his business as the sole full-time employee. With guaranteed hauls from his former employer, he’ll be able to save enough over the next two years to buy a 2nd truck in his 3rd year of business. With two trucks, he’ll hire 3 additional drivers ... two will share the 2nd truck to do back-to-back runs, and the 3rd driver will ride with him to create a second team of drivers, making the business more efficient and increasing the earning potential w/no need for additional equipment. In that 3rd year he has also allowed for hiring a part-time clerical employee.
This is a man with a plan .... a good plan .... and he was able to get his business loan because he did his homework ... researched the market, the costs associated with operating this kind of business, and pulling it all together in such a way that the funders were able to understand what he was doing and where he wanted to head.
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