Merchant Cash Advance
Managing Cash Flow in Trucking Business
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. The urgency was 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 aimed to expand his fleet with eco-friendly hybrid trucks, despite their higher cost compared to traditional fuel-powered vehicles.The goal was to lessen the company’s carbon footprint and appeal to a broader swath of customers.
- He wanted to attract top drivers by offering higher compensation, making his trucking company stand out from the competition.
- Once he had the truckers, Bill wanted to expand the business by purchasing more routes in different regions of the country.