Learn how Howard was able to grow his trucking company with the help of Zip Capital Group
This is a Zip Capital Group case study of how we were able to help a small business owner get funding for a trucking company in Iowa.
Howard from a medium-sized city in Iowa started his business almost seven years ago with just one truck he drove himself. After four years of saving, taking one extra job a week and cutting back his household expenses, Howard was able to pick up his second rig, a used Freight-liner with 150,000 miles on it.
Wanting to help his brother get back on his feet after a messy divorce, Howard brought his brother in as a partner to drive the second truck. Together, the two of them worked hard and saved towards a third truck for their fleet.
In his downtime, Howard did sales calls to get trucking contracts for his fledging company. He was successful in getting a few contracts that would provide him and his brother with a steady stream of work into the near future.
Experience dealing with a traditional bank
Having secured some contracts, Howard’s next step was funding for a third truck. He initially approached a couple of neighborhood banks to discuss funding but when he mentioned his financial hardships he was going through at the time he set up his company, they admitted that it would be difficult to fund him with the capital he needed.
Feeling hopeless about the situation, Howard spoke with the husband of his wife’s best friend who owned a thriving carpet cleaning business in the area. Jerry, the owner of the carpet cleaning business had first approached Zip Capital Group almost a year ago for a financing to fund new equipment to help take his business to the next level. Since taking out the financing, Jerry had managed to grow his business by almost 16% as a result of the monies he borrowed.
A new funding source – Zip Capital Group
After hearing Jerry’s experiences, Howard called us at Zip Capital Group to discuss his financing needs and his vision for his company. He had very nice cash flow as a result of the contracts he had previously secured and we were able to approve him for the financing needed to buy the third truck for his fleet. Within 48 hours, he had the funds in his account to make his purchase. Zip Capital Group has extensive experience working with small to medium sized trucking companies meet their financing needs.
Since Howard has acquired the third truck, he has been able to satisfy all of the contracts he previously received. In fact, his business has grown to where he needs to buy two more trucks. Needless to say, we will be working with Howard to help him meet his current and future financing needs.
financing for truckers
The trucking industry is the backbone of our economy. Truckers need the money to help their businesses grow so that our economy can keep growing. In addition to operating expenses such as fuel costs, maintenance, and salaries, financing for truckers can also be used to add to your existing fleet and cover marketing costs.
When is the best time to look at a trucking financing?
Whether you are looking to add trucks to your fleet or grow your business to the next level, you may be wondering where you are going to get the money to do everything. That is where Zip Capital Group comes in. We have been working with truckers for years to help them with their funding needs, giving them the confidence to take their business where they need to go.
A quick and easy way to apply for a trucking financing
Traditional lenders will often require extensive credit and financial documentation. As Howard found out, the process is not always in the favor of the borrower. Even if you are approved, it can take days and even weeks to get your small business financing. By then, your window of opportunity may be closed.
At Zip Capital Group, our financing for trucking companies are available through a fast and simple application process that is mostly automated. Provide us with your basic data and we can review your business performance in a day to get you the funding you need, up to $250,000.
Apply for your working capital financing today or call (800) 795-3919 for assistance.
Zip Capital Group programs include:
