If you are a trucker in Colorado there is a lot to cheer about because around 88% of the manufacturing industry’s cargo in the state moves on trucks aggregating nearly 130,000 tons every day. The other side of this remarkable fact is that more than 80% of all the communities in the state are dependent on trucks to move their stuff. There is every reason to feel upbeat about your prospects in an industry with that kind of clout but that doesn’t mean you will always have cash in hand. For instance, purchasing a new truck with cash upfront from your pocket is very difficult. It’s a lot easier to access trucking business funding in Colorado from alternative lenders to meet cash shortages.
More than 90% of trucking operations are classified as small businesses as they have six or fewer trucks in their fleet. If your fleet has six or more trucks and you are seeking business loans in Colorado from a mainstream lender, you are going to be disappointed because they shy away from extending any credit to small businesses. Therefore, it is much better if you straightaway approach an alternative source of funding to get the much-needed credit. Such lenders are oriented toward serving small businesses and they make dedicated efforts to understand the needs of such businesses.
Where can you get the funding in a quick time?
Investing in a new truck is a major but necessary capital expenditure for your trucking business. You would have either taken the decision in advance and planned accordingly or it could have been unplanned and sudden. Either way, you would have to borrow money to invest.
That’s when you start asking yourself, “Is there any source of business funding near me?” Thankfully, the internet has eliminated distances and barriers and you just need to find the right lender on the web who is ready to extend the loan to you in a quick time.
You can also access funding to meet other business expenses
The trucking business is capital intensive when you consider the cost of a truck and its maintenance. The other challenge is the payment cycle which ranges between 30-45 days making it very difficult to manage a breakdown or any other crisis that happens during this period.
Similarly, if there is a major opportunity, e.g. a lucrative contract that will require additional capacity, you just can’t let it go out of your hands. It means you will need to buy a new truck or a used one if it is in the right condition. When you seek equipment financing in Colorado from an alternative lender, your chances of getting it are much higher than if you approach a mainstream lender.
The advantages of borrowing from an alternative lending company are many. To begin with, they won’t check your credit history, and neither will they ask for collateral to secure the debt. All they are interested in is whether you have a fully operational business and a steady cash flow to ensure that you can repay the loan. For that, they will check your bank account statement. Alternative Funding Group is a renowned and reputable lender, offering fast and easy loans that are approved and the funds disbursed within 24-48 hours.
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