Close
Top Ways to Finance Trucking Business Growth
 |  by

Top Ways to Finance Trucking Business Growth

Many trucking companies experience growth and the need for additional financing simultaneously. Demand can be good and yet, with high start-up and operational costs, creative solutions to fund growth may be needed.

The Best Ways to Fund Business Growth

Access to adequate financing for the purchase or leasing of new trucks and trailers is essential. So how do you fund progress intelligently? Let’s look at some smart ways to finance your trucking company’s growth.

1. Invoice Factoring

Invoice factoring, in simple terms, is a financing solution that turns unpaid invoices into cash by selling your outstanding invoices to a factoring company. The factoring company, such as eCapital, then pays the amount due to you, minus a small percentage. You are then free to focus on operations and other responsibilities because the factoring company assumes all of your accounts receivable duties. Plus, unlike credit cards or bank loans, it doesn’t impact your credit rating.

If you don’t have time for wait months for a bank loan, a factoring company can get you started right away. You can be set up and funded within a few days.

From covering added fuel costs to new expenses, invoice factors can increase your capital, thereby increasing your prospects for fast growth. It’s not a loan, it’s your hard-earned money made available early. In short, factoring is a smart way to grow your business without going into debt.

2. Working Capital Advances

Working capital advances are a great way to secure funding for growth. They provide upfront capital that is repaid by a percentage of your future monthly revenue. The amount of the advance is determined by how much revenue your trucking business generates each month.

Typically, trucking companies must be in business for a certain period of time and produce a minimum amount of revenue per month in order to qualify. The approval process is simple, often taking only a few hours and providing funding within days. If your trucking company has a reliable monthly revenue stream, this may be the finance option for you.

3. Alternative Funding Solutions

Banks and similar financial entities often get nervous about lending to trucking companies without extensive past histories. For trucking companies who can’t or don’t wish to go the traditional bank route, online lending is an ideal alternative to traditional funding. Online lenders have the advantage of speed: an application takes less than an hour to complete, and a decision and the accompanying funds can be issued within days. In contrast, the traditional loan process can take weeks, or even months, to complete.

For more information on ways to access funding for your trucking company during times of growth, please check out our blog post, 6 Reasons Successful Trucking Companies use Invoice Factoring.

If you’re looking for fast funding for your business, eCaptial can help. No matter your business growth requirements, current business size or credit situation; we have a form of financing that will fit your needs.

It takes just a few minutes to get a quote, and you can receive funding within days.

Give us a call at 760.456.3786 or fill out the form above.

Let's Talk.
Give us a call today
Call800.705.1500
Get Fast Cash
Contact Us

Fill out this short form and we'll contact you

Online Account Management Login
     Forgot your information?
Contact Us

Fill out this short form and we'll contact you

Thank You For Getting In Touch.
We Will Contact You Shortly.

Close
Get a Quote

Want fast cash? Just say the word.

Thank You For Getting In Touch.
We Will Contact You Shortly.

Close