Many people are unaware that transportation funding can come from various sources such as government, non-government, and private funding.
It can be overwhelming when researching the vast possibilities for funding your transportation business. Some options are more expensive than others, and some may work better for specific projects, so it is vital to understand your needs before seeking funding. Find out more about the different types of transportation funding and why Platform Funding is your financial platform for success.
Transportation Funding Basics
To be successful in the modern transportation business, or as a business with the need for a fleet of vehicles, a company needs to have a flexible finance strategy, which typically includes accepting a range of funding sources. If you’re looking to grow your transportation business, you understand it’s essential to have a reliable fleet to deliver your clients’ goods on schedule. There are many practical ways to get funding for your transportation needs, and some of the most common sources are loans, grants, and private investors. It’s always important to research the best options for financing your business transportation needs to stay focused on your primary objective: running your business and not worrying about transportation costs to meet your business needs.
Transportation Business Loans
Transportation businesses often qualify for additional funding than other businesses.
Most people think of loans for automobiles when they think of loans, but other types of loans can help expand essential transportation requirements. A transportation business loan can be a great way to get started and grow your business. The loan can help you purchase new equipment or cover other necessary costs. Keep in mind that the loan terms will vary based on the lender.
Transportation businesses need financing for new trucks, buses, and rail cars. A transportation business loan can help these businesses get the money they need to grow and succeed. There are a variety of lenders that offer business loans, so it’s crucial to find one that will work best for your business.
Transportation Loans for Other Businesses
Many businesses benefit from transportation loans despite not specializing in transportation. Transportation loans are available from various lenders, and flexible options are available for repayment.
A transportation loan can help a business purchase or lease a vehicle, purchase equipment, or make other necessary investments. A business might also need a transportation loan to relocate or expand its operations. There are many reasons why a company might need transportation financing.
A business may need to purchase a bus, truck, or other vehicles to move goods or passengers. A transportation loan can also be used to finance the cost of constructing a new road or bridge. In addition, transportation loans can be used to finance the purchase of real estate that is adjacent to a major highway or airport.
Small Business Administration Loans
The Small Business Administration (SBA) is a federal agency that provides loans and other financial assistance to small businesses. It also provides advice and counseling to business owners and researches issues affecting small businesses. The SBA was created in 1953 and has helped more than 5 million small businesses in the United States.
If you are looking for a way to improve your transportation options, a small business loan might be the answer. The SBA offers loans and other financial assistance to businesses of all sizes, including transportation businesses and businesses that require transportation. Several types of loans are available to small businesses, including loans for equipment, and transportation, loans for business startups, and even loans for renovation projects. However, getting approved for an SBA loan can be a long and tedious process; you may need to consider other funding resources if you are under time constraints.
Other Forms of Transportation Funding
No matter what type of business you are in, getting transportation funding can be challenging. Some types of funding can be expensive and require high-interest rates, which can burden your bottom line. However, there are other options for businesses that don’t want to take on a traditional bank loan. One option is to get transportation funding from a business partner or investor. These options are usually more affordable, but finding the right partner or investor can still be challenging.
Platform Funding Basics
Receive the funding necessary to remain relevant in the fast-paced transportation industry by working with Platform Funding. We excel at developing a strategy that meets your objectives, specific to the timing of your business’s growth, and work to advance your distinctive position within the industry.
Go to our Get Funded page and begin the funding application process. It’s straightforward, quick, and secure. We require only basic information and the last three month’s recent business bank statements for the application.
Our business funding specialists will contact you to discuss your business’ particular funding needs and identify which types of funding are best suited for your needs. After this, we work on creating a funding plan focused on your specific needs, requests, and desired repayment terms.
As soon as your funds arrive, you are free to make the purchases you need to expand your business. Be aware that the reimbursement process begins simultaneously. Make sure that you understand the details of the repayment process and ask questions if any part is unclear. Our team is always accessible for any upcoming requests.
For more information about how to secure transportation-related funding for your business, contact the financial specialists at Platform Funding today.