OVERVIEW
Specialized Financing For Your Trucking Business
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy
Application
Easy application and approval process.
Expert
Support
Funding specialist support from start to finish.
Flexible
Options
Tailored financing options for your business.
Quick
Funding
Get funded within 24 hours from loan approval.
TRANSPORTATION SMALL BUSINESS LOANS OVERVIEW
What Is a Trucking Business Loan?
The trucking and logistics industry is essential to the US economy. Businesses of all sizes rely on this industry to carry goods, with an expected 66% increase for this upcoming 2023. It's imperative for every business working in the trucking industry to stay up with the expanding demand. Having access to capital is vital to to keep their business operating, keep their fleet on the road, and employ trustworthy drivers.
Small business loans are a common method for small business owners within the trucking and logistics businesses to get the necessary capital to run their day-to-day operations. These loans can be used to purchase box trucks or semi-trucks, hire drivers, or cover other operating costs. Owner-operators and owners of small trucking businesses have the opportunity to access finance based on the monthly and annual revenue generated.
Trucking Small Business Loan Topics:
Steer Financial can help your trucking and logistics small business with securing the financing you may need. We are committed to helping small business owners find the best financing options, because we're aware of the unique challenges faced by the trucking and transportation industries. We help simplify the application process, offer expert support, and help tailor the financing options for your business' needs.
Trucking and logistics small business owners can secure business loans through traditional lenders or alternative lenders. Steer Financial partners with 45+ lenders who specialize in helping businesses fill gaps in funding when traditional banks slow them down. Our experienced lending partners provide funding much more efficiently and with fewer requirements than banks or government institutions. This allows medical practices to get the capital they need to keep their businesses running smoothly without the long wait times and strict eligibility criteria associated with traditional lending.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Trucking Small Business Loans
There are various types of small business loans available for transportation small businesses seeking funding for their business expenses. Each type of loan has its own advantages and can be tailored to meet the specific needs of each trucking business. Here are some common types of trucking small business loans:
Transportation Small Business Loan Options:
Equipment Financing
This type of loan is used to purchase or lease semi-trucks or flatbed trailers that are considered essential equipment to run a logistics or transportation business. Equipment financing and leasing can help truckers purchase the latest truck models, upgrade equipment, or expand their fleet to service clients.
Working Capital Loans
Working capital loans provide trucking and logistics businesses with the funds needed to cover everyday expenses, such as fuel, payroll, and truck repairs. These loans are often used to bridge the gap between billing and payment cycles and can help keep your business financially stable.
Business Line of Credit
A business line of credit gives truck and logistics small business owners access to a predetermined amount of funds that can be borrowed and repaid as needed. This type of loan can be used for a variety of purposes, such as purchasing additional trailer beds or boxes or paying for unexpected expenses.
LOAN USES
What Can Trucking & Logistics Loans Be Used For?
Transportation loans can be used for a wide range of purposes related to trucking and logistics. They provide the necessary capital to fund various expenses that might incur, including purchasing new or used semi-trucks or beds, hiring new drivers, upgrade equipment, cover fuel costs, purchase insurance, or consolidating debts.
Purchasing new or used equipment
Trucks and beds can be expensive, and purchasing it requires a significant amount of capital. Trucking loans can help with the purchase of trucks, fleets, trailers, or other equipment needed for your business.
Hiring drivers
A logistics success depends on having highly qualified and skilled drivers. Trucking loans can be used to recruit or train new drivers or cover administrative and warehouse staff.
Cover other expenses
These loans can help pay for state registration or other fees that may arise within the trucking industry. Or simply help with paying for truck or bed repairs.
In summary, trucking and logistics business loans are a flexible financing option that can be used for a variety of purposes. They provide the necessary capital to help a small business grow, expand, and provide better services to clients.
MINIMUM REQUIREMENTS
How To Qualify for a Trucking Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure a trucking small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
-
At least 6 months in business.
Monthly Revenue
-
At least $15,000 per month in deposits.
Personal Credit
-
Minimum of 600+ personal credit score.
Financial History
-
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure a Trucking Small Business Loan
Same-Day
Decisions
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
Fast
Funding
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.
