Recently the transportation industry has faced significant challenges in securing essential financing from traditional lenders. Many banks are now cautious, about extending credit to transportation companies due to COVID logistical issues and increasing transportation expenses.
At Fastway SBA we are dedicated to ensuring transportation companies have access to the necessary capital for growth. This is why we have teamed up with specific banks to offer SBA backed financing to this underserved sector.
At Fastway SBA we recognize the obstacles encountered by the trucking sector. We have crafted a process to assist this industry in accessing SBA financing. Our team of experts will support you through each stage of the loan application process ensuring an a fast and simple process. With our network of approved SBA lenders, we can assist the transportation industry in obtaining the necessary funds to expand their operations, upgrade outdated equipment or withstand economic challenges.
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The Advantages of SBA Loans for Trucking Companies:
- Reduced down payments; SBA loans generally involve lower down payments compared to traditional commercial loans making it simpler, for trucking firms to obtain the required equipment and assets.
- Extended repayment durations; SBA loans offer repayment terms allowing trucking companies to manage their finances effectively. For estate the repayment period can stretch, up to 25 years while for equipment and working capital it can go up to 10 years.
- Interest rates; SBA loans come with interest rates that are regulated by the government. This feature can help trucking companies save amounts on interest payments throughout the loans lifespan.
With our robust network of SBA-approved and U.S. Small Business Administration-backed lenders actively looking to work with the transportation industry, Fastway SBA can help trucking businesses secure the funds required to expand operations, upgrade aging vehicle fleets, onboard and retain drivers, or simply maintain reliable working capital to withstand economic headwinds. Don't let other lenders slam the brakes on your trucking company's growth potential. Contact Fastway SBA today, and let our team steer you towards the flexible SBA truck financing solution you need to keep on trucking towards success.
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