Commercial trucking is a lucrative but competitive industry where business owners need quick and simple trucking company funding solutions to improve operations and expand the business. Merchant cash advances (MCAs) have emerged as attractive alternate financing solutions for trucking business owners. Take a look at what a merchant cash advance can do for your trucking business.
Provide Access to Quick, Hassle-Free Funding
Due to various reasons such as administrative red tape and less-than-perfect credit score, many business owners have trouble accessing trucking company funding from traditional money lenders such as banks when they need it the most. On the other hand, companies that offer MCAs provide a simple application process, fast approvals (24 hours to 3 days is the average time it takes to get approval) quick access to financing and flexible repayment terms. To qualify, you don’t need collateral or a perfect credit score. Instead, the funding company looks at historical business revenues and your ability to pay back in the future. Repayments are done in a phased manner and are usually a percentage of future receivables.
Funding to Expand Your Fleet
With a merchant cash advance for trucking business funding, you may consider expanding your fleet to take on more jobs, increase revenues, and improve your standing in the industry. It’s no secret that customers consider trucking business owners with larger fleets to be more reliable and developing your fleet early on is a great way to position yourself as a respected/trustworthy service provider in this competitive industry. Besides, fleet expansion can lead to various economies such as savings on the cost of shipping per mile.
Funding To Hire Qualified Drivers
It would weigh heavily on your trucking business if you had to turn down jobs due to a lack of drivers. Having enough drivers for your fleet is necessary for long-term success. You can consider using trucking business funding to recruit more drivers and making investments in their training, licensing, insurance. You can also use the funding to budget for potential union expenses or uniforms. The beauty of a merchant cash advance is that it can be used for any purpose – there is no restriction as to how you can use financing to grow or expand your business.
Funding To Invest In Latest Technology
Purchasing the latest high-tech solutions such as improved camera systems, electronic logging systems, automated data systems, and enhanced routing systems can make your commercial trucking business more lean, efficient, and safe. Updating technology is imperative to remain competitive in this industry; however, the high costs of new technologies are the primary reason to hold back business owners from making an investment. Also, banks are less welcoming of small business owners looking for commercial truck business financing. Companies that offer merchant cash advances welcome funding requests from all types of industries and businesses. It will be much easier to secure a merchant cash advance and use the advanced amount to upgrade technology.
If you want to succeed in the commercial trucking industry, start setting goals and make plans to grow. And to get the necessary commercial truck business funding to implement your plans, apply for a fast and easy merchant cash advance from a reputed company.