Business Funding Solutions for Trucking Companies
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Business Funding Solutions for Trucking Companies

Whether your business operates in logistics, freight, commercial, long-haul, or short-haul, running a successful trucking company takes hard work! The trucking business is a very competitive one, and being able to stay ahead of the game is important in ensuring your success. Driver shortages, fuel costs, product demand, and more is a constant factor, and sometimes additional working capital is needed to help with these issues. Not to mention, most trucking companies receive payment from vendors 30, 60, or even 90 days after a job is completed. Additionally, your business may need to train its employees on how to operate new trucks and equipment.  There is no doubt that your business may need additional working capital to help with these issue when times are good or bad.

Here are a few popular funding solutions that can be your trucking business operating smoothly!

Merchant Cash Advance: Short-term financing transactions that are collected through a set percentage of your Visa and MasterCard sales that are accepted at your place of business. Probably the most common term used in the industry. These do not have a set repayment schedule and are based on the volume of your businesses credit card processing sales. These are usually only guaranteed by the future sales of your business.

Invoice Factoring: Invoice Factoring is used to finance businesses with short-term cash flow issues – especially when your business doesn’t qualify for a traditional bank loan or any other alternative solution. Your lender will factor your business’ customers’ invoices to match your working capital needs.

Equipment Financing: Equipment Financing is a loan product used to help business owners purchase any type of equipment needed to run the business. The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment and if it is used or new.

Term Loans: A loan that is backed by a bank for an exact amount that has a specified repayment timetable and interest rate that are adjusted accordingly. Terms mature between 1 and 10 years.

Business Lines of Credit: A rotating loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used.

APPLY NOW to learn what kind of funding your trucking business qualifies for, and check out our recent Success Story on how one of these great funding solutions helped a trucking business owner out during a time of need.

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