Revenue-Based Financing For Trucking Businesses
As one of the leading revenue-based financing providers, Mantis Funding will work with you to create a custom-made plan for your success to support your trucking business dreams.
What You Need To Know About Funding Your Trucking Business
Maintaining a trucking business can come with challenges. Unexpected expenses like truck maintenance or repairs could hamper your trucking business profits if you don’t handle the issue quickly enough. Don’t worry, though: Mantis Funding is here to help.
Trucking companies can face a wide array of challenges, including:
- Driver Shortages: The American Trucking Association expects a shortage of 160,000 drivers by 2030.
- Labor Supply: High turnover can lead to additional training costs for new hires, as well as paying for licensing.
- Compliance: Driver safety is of the utmost importance, especially when taking accidents, safe parking, the hours of service rule, and drugs and alcohol testing into account.
- The Cost of Truck Equipment and Maintenance: Whether you lease or purchase a new truck, these expenses can add up fast. Plus, fuel and ongoing maintenance can pile on the costs.
How Trucking Business Financing Can Help Your Business
It’s no secret that those in the trucking business are under a lot of stress. In the last few years alone, poor infrastructure, high turnover rates, and a massive amount of freight being moved have challenged owner-operators in new ways. Trucking business financing can help offset cash flow problems so your business can continue to grow. Financing can be put toward:
- Permits and licenses
- Necessary costs like auto and liability insurance
- Wages and training expenses
- Rent, utility, and other operational costs
- Purchasing or leasing a new fleet of trucks
Frequently Asked Questions About Financing a Trucking Business
Finding funding to expand your trucking business might seem like a daunting task. Mantis Funding is here to answer all your questions and provide you with hand-tailored revenue-based financing solutions
How does trucking business financing work?
Whether you need financing to expand your business or cover operational costs, financing can help get you there. Revenue-based financing is an agreement that exchanges working capital (cash) for a set amount of your business’s future revenue streams. You’re not required to give up any equity or control, and you can spend this financing on any part of your business. Repayment is made on a daily or weekly basis until the total amount is recouped within a specified repayment term.
How to qualify for revenue-based financing for a trucking business?
When it comes to securing funding for a trucking business, most lenders have a list of requirements you’ll need to meet. They may require your credit score, yearly revenue, age of company, business plans for funds and tax returns.
At Mantis Funding, our eligibility requirements are simple:
- Your business has been operational in the U.S. for at least 6 months.
- You own at least 50% or more of the business.
- You can pass a minimal credit score check — low credit scores are ok!
If you meet these basic requirements, then we invite you to fill out an application for funding so our representatives can get started on the approval process.
Why choose Mantis Funding for trucking business funding?
As trucking businesses are expected to move freight across the country at record speeds, traditional lenders might not be a great option if you need cash fast. Mantis Funding can help you to secure financing fast so you can keep operations running smoothly. Mantis Funding’s hassle-free process allows you to receive funds in your business bank account within one business day of signing your financing agreement. Plus, we offer flexible repayment structures and unparalleled customer service.
What’s the difference between loans and revenue-based financing?
Revenue-based financing is an alternative form of financing that exchanges working capital for a set amount of the business’s future revenue streams. Various sectors like the trucking, retail store, and automotive industries can all benefit from revenue-based financing when they need to grow their business in a short amount of time — all with fewer regulations than are commonly associated with traditional lenders. Companies don’t have to give up any equity either, as is typical with venture fundraising.
The amount of financing that a business qualifies for will ultimately be based on the total monthly revenue that it generates. Repayment structures are either daily or weekly, and they are directly debited from the business’ bank account.
View our How it Works page to learn about the three main differences between a traditional business loan and revenue-based financing.
Other Industries We Service
We service a wide variety of industries, including retail, medical, and liquor stores, as well as select franchises. Industries range from restaurants to nightclubs. As this is not an exhaustive list, we invite you to fill out an application for funding so our representatives can reach out to you. We understand the challenges of the market and cash requirements for business owners and look forward to walking with you every step of the way.
Get in Touch
Want to learn more about our application process or still have other questions?
Our qualified representatives are standing by to lend a hand.