Business owners in the trucking industry can benefit immensely from a merchant cash advance loan. Trucking businesses are unique in that they are required to purchase their supplies and inventory upfront, which can cause them to have trouble with cash flow during slow months when their business isn’t as profitable as it could be, especially if they’re just starting out or they don’t have substantial capital to begin with.
#1: Larger Capital
Trucking companies are in need of larger capital amounts that most banks can not provide. In many cases, banks simply cannot or will not lend trucking companies funds due to risk factors and required collateral. That is where a merchant cash advance company like United Funding Group comes into play. With smaller collateral requirements and no personal guarantees required, our company provides loans to trucking companies in amounts ranging from $10,000 to $5 million and higher depending on credit worthiness. We are able to fill an important funding gap and provide these businesses with much needed funds for fleet expansion, working capital needs, or any other purpose that they may have.
#2: Easier Application Process
The merchant cash advance application process is streamlined and easier to navigate than a traditional bank loan. When you work with United Funding Group, we’ll even help you prepare your application ahead of time so it’s ready for submission when you are. There is no need to spend countless hours preparing documents, statements, financial information and other paperwork. We will assess your ability to repay and then determine if we can provide financing to you based on your historical credit performance and forecasted future cash flow or sales volume. We also consider access to accounts receivable or inventory collateral in order to secure our investment.
#3: Lower Rates Than Borrowing From Banks
Bank loans can carry rates that are just too high for some small businesses. For example, a $300,000 term loan could come with an annual percentage rate (APR) of about 8 percent. Lending partners like United Funding Group can offer lower rates for trucking business owners who use merchant cash advance loans to support inventory expansion or pay off working capital debt. Bank loans typically require good credit scores—and they also might take longer to get approved and funded than an MCA agreement would.
#4: Easy to Qualify For
The low barrier to entry and streamlined application process make getting a merchant cash advance loan an easy decision for ltl trucking companies. With United Funding Group, qualifying is done quickly and simply over the phone. When you’re ready to get started, our customer service representatives will give you all of your options while making sure you have time to think things through and weigh your options. The process from start to finish takes as little as 5 minutes if you apply online!
#5: Entrepreneurs Are Approved For Loans
One of our many reasons for providing merchant cash advances is because we believe in helping small businesses and entrepreneurs grow. In fact, most people who apply to our merchant cash advance program are approved, which means they can begin investing their money into growing their business while we help them get funding from banks and other lenders. Our application process is simple, fast, and there’s no credit check involved. If you have a business that’s struggling with bank funding or you simply want to take your company to the next level through an investment loan or cash advance funding, then give us a call today at 954-287-4539 so we can help get you started on getting your very own merchant cash advance loan!
Contact UFG Today!
If you’re a small business owner, there are plenty of ways to handle unexpected expenses. You can raise prices on your existing customers or take out a loan from a bank. However, banks often offer loans with high interest rates, and you may not want to increase prices for your loyal customers. Many businesses don’t realize that they can often get better rates—and faster payments—with a merchant cash advance loan. While these short-term financing options (also known as mca loans) are often associated with big-ticket purchases like trucks and computers, trucking businesses of all sizes can benefit from them—even if they only need a few thousand dollars at first. In fact, small business owners make up nearly 80% of our client base!
If you need a loan for your business and are unsure about which option is best, it’s important to find out more about merchant cash advances. If you need help comparing options or figuring out what amount of money will work best for your trucking business, we’re happy to help. Just give us a call at 1-954-287-4539 or fill out our online form, and we’ll get back to you shortly! We can answer any questions you have and discuss how UFG can help your trucking business with mca financing.
Once approved by United Funding Group no up front fees are required.. United Funding Group can fund many different types of businesses in most states nationwide.