Starting a business is challenging and takes a lot of courage. Starting a business in the midst of a global pandemic takes the courage and vision like that of Mark Davis and Chris Banks. They started Roseland Born Logistics LLC in April of 2021 because, like a lot of other small business owners, they wanted to be masters of their own destiny and help people with their transportation needs.
So far, they have self-funded their startup (named to remind them of where they were born) with personal capital. Other than a business credit card, they haven’t borrowed to get their business off the ground, but they have a big vision for the future that starts with the addition of the box truck they plan to purchase with the help of the $10,000 grant from Nav. The beginning of what they hope will become a fleet someday.
The Challenges of Starting A Business In 2021
Although one of the biggest challenges they face, accessing capital for their new business, is difficult in any business climate, it’s particularly difficult for a startup right now. Most lenders want to see at least a year in business and a track record of consistent revenue and cash flow before they’ll approve a small business loan in the best of times. Finding startup capital in the middle of a pandemic is particularly difficult.
They didn’t know financing was so difficult for a new business and, according to Davis, “I wish we had done more research on banks that truly support start-up businesses willing to help finance commercial vehicles.”
Fortunately for Davis and Banks, they became acquainted with NextGen Financial, who introduced them to Nav and the Nav Grant.
As business owners, they recognize the importance of making good decisions and how, at the end of the day, the buck stops with them. However, they have a great network of support from family, friends, and their social network to keep them motivated, let people know about their business, and keep them pushing forward.
Nav Users Before They Applied For The Grant
The importance of building a strong business credit foundation to qualify for a business loan wasn’t a surprise to Davis and Banks and they’ve used the Nav app to access their business and personal credit updates and alerts because it’s quick and easy.
“We used Nav’s MatchFactor to find the right business credit card for our business,” says Mark. “That’s the only borrowed capital we’re using right now.”
What’s Next For Roseland Born Logistics LLC?
There are very few Black- or minority-owned transportation businesses in Minnesota, so in addition to showing others what a pair of committed entrepreneurs can do, they are focused right now on building a profitable business with the revenue they’ll need to expand their fleet of trucks to grow their operations beyond Minnesota.
When asked if he has any advice for new entrepreneurs, Davis says, “Mind your own business and make sure this is what you want to do.”
“Stay patient, stay disciplined, and be organized,” he added.
Congratulations Roseland Born Logistics
We couldn’t be happier to see a pair of entrepreneurs like Mark Davis and Chris Banks win the $10,000 grant this quarter. We can’t wait to hear about the impact it makes on their business.