How much of a business loan did you take out for your company and how long did it take you to pay it off?
We never had a business loan we started our company with our own money & continued our full time jobs until it was ready to be on its own. We did eventually buy a truck with credit & payed it off in 5 yrs. Since that time we ran our company on a cash basis until purchasing the Big Bear Truck in 2007 & it also should be paid off in 5 or less years. We have more debt now than we have had our entire time in business but it pays off quickly & then we will be debt free again except this time we may even be house debt free. We do have lines of credit we use that pay off normally interest free so it is just using other peoples money for a short time interest free usually & if any interest accrues we pay off asap to prevent further interest.
I started with a portable that cost me 800.00 I have built my biz up. I did lease 2 truckmounts in the mid 90's. I will never do that again. All my equipment and vans are paid for. THe best thing for being in biz is trying to stay debt free.
First loan 12,500.00 took forever to pay off Now about 23k loan a few years and it wil be paid off 65k out of my pocket
