Last year, the trucking industry was one of the hardest hit sectors with the unemployment rate rising to 5.8% and 120,000 fewer jobs. Additionally, 18,500 jobs were lost in railroads alone. The entire chain of supply was stifled by the pandemic.
There are over 900,000 trucking companies with almost 16 million trucks on the road – a quarter of those are tractor trailer small businesses with 7 trucks or less.
The trucking industry is a $260 billion dollar industry, however trucking companies only earn 5 cents on the dollar, due to high operating costs. Trucking companies need working capital more than ever after the pandemic. A business cash advance might be the answer.
What is a Same Day trucking Business Cash Advance?
Trucking companies can now apply for a same day Business Cash Advance. A Business Cash Advance is similar to a Merchant Cash Advance, which gives you a lump sum cash advance based on the future revenue or future credit card transactions of the company.
Business Cash Advances are more likeable because they don’t scrutinize your future credit card transactions, also as some companies still don’t accept credit cards, but look at your general profit in your business checking account.
Benefits of a Business Cash Advance
The most obvious benefit of a cash advance is the timing. Most bank loans take a couple weeks to go through, but that is pointless for Trucking companies struggling right now.
A business cash advance can be as quick as the same day. We offer the only same day business cash online. If you apply in the morning, and meet our requirements, there is a 90% chance that you’ll get your working capital by the end of the same business day.
Another benefit of a Business Cash Advance is the low credit score and no collateral requirements. You can get an advance with a credit score of 450, and we don’t need any collateral. We also work with over 700 industries that big banks won’t touch.
Big banks can’t offer any of this, especially after the pandemic. They want you to have a 700 credit score and have you put your business or trucks up for collateral. Then, you have to wait several weeks to get your loan.
The only requirement that really matters for your business advance is having a business checking account, be an LLC or Corp., and have a monthly revenue of $5,000 per month the last 3 months. Cash flow is what gets you approved, not a credit score.
Why Choose Us for Your Trucking Business Advance
If you are having an emergency, or just need your business running asap, we are here and can get you same day funds.
Our requirements are the easiest to meet in the industry, and no one else can do same day advances. Some claim to offer same day, but in reality they don’t get you funding before 24 hours, if not 48 hours.
We are on your side. We are a family business and we root for the underdog. My parents were small business entrepreneurs and they had to sell their business at a loss. I also have worked alongside Truck drivers after I got my Class A CDL in the early 2000’s. I saw the repair costs.
Terms for Business Advances
Business Cash Advances payback terms are based on factor rates rather than interest rates. A 1.19 factor rate means you would pay back 1.19 times the advance amount. Example is you borrow $10,000, if you pay that back in 30 days you would pay back $11,900 total. That’s 1.19 times $10,000. If you pay it back in 60 days the factor rate is 1.29. If you pay it back longer it goes up to 1.49 and stays at that rate.
We also offer advances up to $2 Million dollars. You need to make $20,000 a month, have a 500 credit score, and be in business for 4 months. Here’s a comparison between our two programs:
Getting the working capital you need is crucial for keeping your doors open, and your rigs on the road. We can definitely work with you and give you relief immediately if our requirements are met and your needs are met.
We have helped hundreds of businesses in the last 5 years and have given over $50 million in relief. Please apply now. It only takes 5 minutes and it won’t affect your credit.
Learn More About Our Same Day Business Cash Advance
Erik C. Johnson
Independent DAC Agent