Trucking business loans from Qualifi
Get the business financing you need to grow and thrive.
with a range of small business loans and other business funding solutions for transportation and logistics companies, giving you the resources to address your biggest challenges.
America needs trucks and trucking companies, but the government doesn’t always make it easy to be a trucking company, and your workforce isn’t as stable as it used to be.
There’s a certain appeal to driving a truck, and you might well have started out (or still are) behind the wheel before deciding to become an owner-operator, or simply a trucking business owner with your own team of drivers. But there are more moving parts than ever behind the transportation industry, and it’s likely to get only more complex over time. There’s a huge difference between driving for a business and owning one.
To simply start a trucking company, you’ve got to have a truck. To grow your company, you’ll need more.
The startup and expansion costs of trucking companies are much like that of restaurants, with massive and inflexible upfront expenses that don’t respond much to any economies of scale.
If your customers aren’t putting a ton of money down ahead of time (and how often does that really happen?), you’ve got to put up the cash or take out the loan to buy the truck and get the job done.
Qualifi can certainly help you with equipment loans that can get you the next truck for your fleet, but we’ve also got many other business financing products to address other aspects of your business as well.
Hiring drivers has never been harder, with record-low unemployment, low interest in the industry from younger generations, and the well-documented challenges of truckers’ working conditions. It’s gotten so competitive that some trucking companies see their entire driver workforce turn over every year.
To keep your best drivers around and recruit new ones for your growing fleet, you may need to promise good salaries and benefits. Many trucking companies are even instituting health and fitness programs to help drivers, who are twice as likely to be obese and have diabetes as the general population, get and stay in shape. Do you have the margins and the capital to do all of that with your current client base?
Speaking of that “current” client base, you probably want to add new clients to your roster and expand your relationships with the ones you have. You certainly can’t grow any other way.
You can’t sit back and wait for clients to fall into your lap. Your competitors aren’t waiting for it, and if you want to keep up with them, you’ll need a sales and marketing operation to bring in new contracts or secure new relationships with brokers. At the very least, you’ll need an administrative staff to manage a growing fleet and a longer list of business relationships.
The bigger you grow, the more regulations you’ll run into, and every trucking company knows it’s tougher than ever to stay compliant with every mandate, rule, law, and directive coming from the government.
You’ve got to buy logging devices, restrict your drivers’ total hours, maintain multiple types of insurance, file tons of paperwork, and submit to regular inspections. Each individual regulation might be an annoyance, but all together they can become a burden.
Even if you’ve handled personnel, equipment, and regulatory issues, you can’t control the health of the economy or the cost of fuel.
A weaker economy means fewer things get sold, which means fewer things need to be shipped to stores or customers’ doors. And a spike in fuel costs can wreck your margins almost overnight.
Sometimes you simply need a bit of financial assistance until things turn around. That’s where Qualifi can help, with trucking loans to cover a wide range of business needs and conditions.