If you wish to remain competitive in the trucking industry, it’s critical that you continue to invest in your business. Trucks and trailers require maintenance, wearable parts will need to be replaced, annual registrations and certifications must be paid for, etc. In addition to these expenses, you’ll still have driver’s wages, liability insurance and toll and fuel costs.
In order to manage these expenses and continue to grow your business, you’ll need to find a reliable source of small business capital. Without access to quick cash, your business could miss opportunities to expand. Lack of cash flow could also (quickly) push your company into a dangerous cash flow situation.
However, finding a lender willing to work with you is often easier said than done. Why? The trucking industry is typically considered to be “high risk” in the eyes of banks and other traditional lenders. If you suffer from bad credit or your business is a startup, these are also reasons why a bank will shy away from you. Unable to find financing, your business’ growth and expansion plans will come to a screeching halt.
First American Merchant Business Funding Options
Alternative lenders, like First American Merchant, specialize in offering services tailored to meet the needs of “high risk” industries and business types. FAM’s popular merchant cash advance, for example, involves selling your business’ future sales at a discounted cost in exchange for a quick cash advance; the amount and at what discounted cost are agreed upon by both parties. Bad credit and limited time in business are also not an issue. In fact, business can bypass the long wait times involved with banks and secure capital in as little as 24 hours. Trucking companies typically use this additional working capital to:
- Upgrade existing vehicles and/or complete repairs
- Purchase new or pre-owned trucks and trailers
- Hire new drivers and staff to improve the operating range of the company
- Pay for occasional expenses (licenses, insurance policies, large repair bills, etc.)
How Does the Process Work?
Where banks involve long wait times for funding (only to hear back weeks or months later that you’ve been denied), you can receive cash in the same day. The application is straightforward and can be completed in a matter of minutes. Minimal documentation is required. You also have access to other options, like a merchant account, credit card processing, chargeback prevention and protection programs and electronic check processing (iCheck) services.
If you’re in need of business funding, consider the support FAM’s team of experts can provide. Our services are specifically tailored to meet the needs of each and industry and business type we work with.