A customized financing solution
Your small business needs are unique. We’ll match you with the right loan option to solve for them.
Make hassle-free payments.
Find solutions fit to your needs.
Multiple use cases
Use for almost any business purpose.
Your Guide to Trucking & Transportation Small Business Loans
Trucking and transportation businesses are critical in providing communities with essential products. The trucking industry, valued at $732.3 billion in 2020, is one of the largest growing industries in the US. Almost every business relies on the trucking industry to transport products and it’s crucial for trucking companies to be able to meet the growing demand. From hiring committed drivers to keeping trucks on the road, every aspect of the business requires capital. Small business loans for trucking companies can provide you with that capital to sustain your operations and grow your business.
SmallBusinessLoans.com is committed to helping trucking and transportation companies find the right funding solutions. We match business owners with a lender who knows the challenges trucking companies face and who have decades of experience in securing financing for businesses. Here you’ll learn about loan options available to you and what type might work best for your business.
What is a trucking business loan?
Commercial trucking business owners use loans to provide funding essential for their business. A loan can be used for the purchase of semi-trucks or box trucks, hiring drivers, or general operational expenses. Owner-operators and trucking small business owners can receive up to $500,0001 in funding with one of our lender partners.
There are many loan types available to business owners. Most loans come from two main sources: traditional lenders and alternative lenders. Traditional lenders – such as banks or government institutions – often have extensive qualifications and long approvals. Alternative lenders are digital-first financing solutions. SmallBusinessLoans.com partners with alternative lenders who step in with easier applications, flexible qualifications, and fast processing to ensure businesses have the funds they need when they need it most. Sustain your business, conduct maintenance, or increase your output with a financing solution tailored to your business.
Discover financing solutions built for you.Get Started
What are the different types of commercial trucking loans?
Finding the loan type that works best for you is an important step. Luckily, there’s many options available, all created with common commercial trucking business needs in mind. Here are some typical loan options:
Short-term business loans
Short-term business loans are temporary financing solutions with most repayment terms lasting one year or less. If your business needs cash to cover an unexpected incident or cover the cost of operations, a short-term loan can provide peace of mind and keeps your business on the road.
Working capital loan
A working capital loan is designed to cover everyday expenses rather than long-term assets or planning. This can be used toward maintaining vehicles or other essential trucking expenses and provides much-needed capital for your business. A working capital loan supports businesses that are lacking sufficient cash flow with the funding they need to continue operating smoothly.
Equipment financing loan
Equipment financing provides a solution for businesses that need to cover the cost of an equipment upgrade. It allows business owners to purchase or lease semi-trucks or flatbed trailers for their business. A wide variety of new or pre-owned equipment qualifies, such as box trucks and trailers, making this financing option a great way to secure the crucial equipment you need to keep your business on the road.
What do transportation and trucking loans cover?
Trucking loans help provide you with the funds needed to sustain or grow your business. You can use a trucking business loan for a variety of expenses:
- Finance new equipment or fleets
Purchase trucks, fleets, hotshot trailers, or other necessary equipment for your business
Pay for repairs on vehicles so your fleet is in top shape
- Hire drivers
Expand your workforce when demand increases
Use the funds for training or safety courses for new employees
- Cover general expenses
Pay for registration or certification fees for your vehicle
Put funds toward logistical software or computers to streamline your operations
- Grow your business
Be prepared for increased demand with access to capital
Acquire other small businesses to expand your operation
How do I qualify for a trucking loan?
Qualifying for a commercial trucking loan doesn’t have to be challenging. With alternative lenders, the eligibility requirements are often simple. Here’s an example of what some of our lender partners require:
- At least six months in business
- Minimum $250,000 in annual gross sales
- Fair to excellent credit
Many traditional lenders require a lot of paperwork and documentation for their loan – but our partners keep the paperwork to a minimum. Required materials are often limited to a credit check and bank statement so you can get approved for funding faster.
How do I get a loan for my trucking and transportation business?
Now you have an idea of what type of loan works for your needs and the minimum qualifications. It’s time to gather your application materials. Let’s take a look at the five easy steps it takes to secure funding for your business:
- If you’re planning to get trucking financing, be sure to review the minimum qualification requirements set by the lender. Most alternative lenders require a business to be up and running for at least six months with a minimum of $250,000 in gross sales.
- The next step requires the trucking business owner to fill out an application form and submit the required documentation. In most cases, you’ll need to provide bank statements, balance sheets, and authorization to access your business and personal credit scores.
- Post submission, the lender will examine your trucking business loan application and all the documentation you provided. At SmallBusinessLoans.com, we prioritize pairing trucking businesses with lenders who review applications speedily.
- The lender then determines the trucking loan amount, interest rate, and repayment terms. If the business owner accepts the loan terms, the funds are transferred to the business.
- The last step is for the business owner to repay the trucking business loan as per the terms of their agreement with the lender.
Apply for trucking loans with SmallBusinessLoans
Access to capital shouldn’t be an obstacle on the road to growing your business. Fast, reliable funding can take your business to the next level or carry your business through uncertainty. SmallBusinessLoans.com is committed to helping small businesses get funding quickly and efficiently. We’ll match you with a lender who specializes in the transportation industry so you can get financing solutions specifically tailored to your needs and get back to running your business.
Get started today.Apply Now
Frequently Asked Questions
If you still have additional questions about how to qualify for a trucking business loan and get up to $500,0001 in funding from one of our lender partners, we have answers for you below.
Yes, small business loans for trucking companies are available to support your business or help you grow.
Many traditional lenders require high credit scores to get approved. However, our alternative lending partners have much more flexible requirements, making it easier to get approved for funding. Get matched with a lender today to see if you qualify.
Trucking companies can apply for an SBA loan. However, SBA loans have various requirements and long approval times, which makes it challenging to secure funding in a timely manner. Alternative lenders provide fast processing times and flexible qualifications with higher approvals.
A business loan provides financing solutions for trucking and transportation businesses. The loan can be used to purchase a new fleet, conduct vehicle maintenance, hire drivers, or many other expenses pertaining to your business.
Financing for your trucking business can be used for a variety of expenses such as purchasing new trucks or equipment, vehicle maintenance, hiring drivers or employees, or general operational expenses such as utility bills.
Quick & easy small business financing
Fill out a quick form
No lengthy processes or tons of prep work.
No getting bombarded by different lenders.
Get your funds fast
No waiting around for weeks and weeks.