Trucking is a business that requires a lot of upfront capital. Worse, cash flow is not predictable. It’s up to Bill to lay out the money for expenses, including fuel, repairs, and the trucks. He needed cash, and he needed it yesterday if he would be able to take advantage of opportunities to grow the business, attract more drivers, and bring in more accounts.

 

The flexibility of a cash advance made this product an attractive option. Bill’s need for funding was threefold:

  • He wanted to expand his fleet with eco-friendly hybrid trucks, which tend to be more expensive than diesel and gas-fueled trucks, to lessen the company’s carbon footprint and appeal to a broader swath of customers.
  • He wanted to hire top drivers and sweeten the pot with higher compensation so that they would choose his trucking company over the competition.
  • Once he had the truckers, Bill wanted to expand the business by purchasing more routes in different regions of the country.

Trucking is deemed a high-risk sector by lenders, particularly during economic uncertainty like there has been lately. For Bill, it’s a deal-breaker if he had to put up his trucks to secure funding. He was looking for a funding source where collateral doesn’t matter, and the unsecured nature of MCA advances checks that box.

 

In addition, he didn’t want to have to provide a ton of documentation, which would be another thorn in his side. Considering that merchant cash advance funding companies only need to see three to six months of bank statements, this product seemed to fit like a glove. Bill was able to find a funding company specializing in high-risk industries like trucking and counting Nevada among the eligible states to do business in.

 

After filling out the online application, he was approved and connected with a funding specialist. About 24 hours later, Bill received funding of $200,000 in his business checking account via ACH.

 

Bill was able to get the funding he needed so that his trucking company could continue to fill a vital role in the economy during this critical time – delivering packages that help to make the world go round.

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