Line of Credit
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.