A truck for our startup

A Fin24 user writes:

We (four directors) are starting a small transport business (delivering sand, stone, etc). We all have our day jobs as well.

We are in need of a R100 000 to purchase a tipper truck. There is no way a bank will give a startup business this kind of money.

We want to know if two individuals can take out one loan, or how can we get a loan to buy a second-hand truck?

Business development consultant Anton Ressel responds:

My suggestion, before looking at any commercial loan option or personal loan  - which will require surety and attach onerous interest - would be to contact the Small Enterprise Finance Agency (SEFA) and find out if you qualify for a loan through its channels.

Their website is www.sefa.org.za, but you should rather call them on 08600 54852.

 - Fin24

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