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SBA Loans for Trucking Companies

SBA Loans for Trucking Companies

The trucking industry right now is booming. With the global pandemic shifting many consumers buying behaviors, the demand for trucking is at an all-time high. If you are looking to buy a trucking company or sell a trucking company, now is a perfect time. Knowing how to finance a trucking company is one of the important aspects of buying a trucking business. Below we discuss using SBA loans for trucking companies. SBA loans for trucking companies can help you start a trucking business, expand a trucking business, or buy a trucking business.

As a business appraiser, Peak Business Valuation provides business appraisals for trucking companies across the nation. We work with dozens of SBA lenders across the country. As such, we have extensive knowledge in valuing a trucking business, buying a trucking company, and financing a trucking company. We would love to help you and connect you with SBA lenders who commonly lend SBA loans for trucking companies. Schedule a free consultation today to get started!

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SBA Loans for Trucking Companies

The Small Business Administration (SBA) offers financing for many types of businesses including SBA loans for trucking companies. An SBA loan is a government-backed loan available to small businesses. They are often easier to obtain than traditional bank loans, and often have better terms. This makes SBA loans a great option for trucking companies.

SBA trucking loans can be used for a variety of purposes. This can include purchasing a trucking business, equipment and machinery, real estate, and furniture, among other things. SBA loans for trucking companies are also common to use to purchase trucks or expand your current truck fleet. There are many options for SBA financing for a trucking company.

Benefits of SBA Loans for Trucking Companies

SBA loans for trucking companies come with several benefits. SBA loans are known for low-interest rates and low down payments. Because the SBA guarantees a portion of the loan, often lenders are more likely to approve the loan if basic qualifications are met. See Requirements for an SBA Loan. In addition, many SBA loans for trucking companies have long repayment terms. This gives you more time to pay off the loan without accruing as much interest as a bank loan.  For more information, reach Advantages of SBA Loans.

Using an SBA Loan to Buy a Trucking Company

If you are looking to buy a trucking company, financing a trucking business with an SBA loan is a great option. Often SBA loans for trucking companies come with as little as a 10 percent down payment. This makes buying a trucking company more affordable. Whereas financing a trucking company with traditional loans often have much higher down payments. For more information, see Financing a Business Purchase and Using an SBA Loan to Buy a Business.

Peak Business Valuation provides business appraisals for individuals looking to buy trucking companies. We want to help you feel confident in your business transaction. Obtaining a business appraisal for a trucking company can help you understand the fair market value. A business appraisal is also useful when negotiating the purchase price of the trucking company. For questions about valuing a trucking company, schedule a free consultation!

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SBA 7a Equipment Loans for Trucking Companies

Next, buying machinery or trucks and equipment can be one of the largest expenses for a trucking company. Thus, an SBA 7a equipment loan can be very beneficial. An SBA 7a equipment loan for a trucking company comes with up to a 10-year term. Hence, it is an excellent option for truckers looking to purchase equipment or finance a trucking fleet. Equipment financing is one of the easier SBA 7a loans to obtain because there is collateral behind it. Collateral reduces the risk to a lender and thereby they are more likely to lend on it. SBA 7a equipment loans are useful to start a trucking company or expand your existing fleet of semi-trailers.

Peak Business Valuation provides machinery and equipment appraisals for SBA lenders in the United States. We are happy to provide an SBA business valuation or SBA machinery and equipment appraisal for your SBA lender. We would also love to connect you with an SBA lender who commonly provides SBA financing for trucking companies. Schedule your free consultation to get connected!

SBA 7a Line of Credit for Trucking Companies

Last, in addition to the above options and benefits, the SBA offers lines of credit to trucking companies. SBA 7a lines of credit come with up to a seven-year term. For a trucking company, an SBA 7a line of credit can assist in financing big expenses such as additional trucks. But it can also help smooth the ups and downs of daily operating expenses such as fuel, repairs, maintenance, and labor. An SBA 7a line of credit can help a trucking company stay afloat when things get tight or during slower seasons.

Summary

Trucking is a vital industry that keeps America moving. If you are a trucker now is the time to buy, sell, or grow a trucking business. SBA loans for trucking companies can help you secure the financing you need. With many benefits, an SBA loan may be the right fit for you. For other information, read Valuing a Trucking Company. 

Peak Business Valuation works with SBA lenders across the country. We are happy to connect you with lenders who commonly provide SBA loans for trucking companies. Reach out for questions you have about SBA financing for a trucking company. Schedule your free consultation below!

 

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