Little-Known SBA Loans Can Fuel Trucking Companies’ Growth
Unlike a conventional bank loan, SBA loans allow borrowers to pay back the money over a longer period of time, which makes monthly loan payments lower. That conserves cash.
“Trucking is a very capital-intensive business,” said Maggie Ference, senior vice president of business banking at Huntington National Bank, a top SBA Lender. Paying off a loan with smaller payments over a longer period of time “allows for more organic cash flow back into the pocket of the business,” she said.
Although the loans are not as well-known among trucking companies as they are among some other businesses, motor carriers have taken advantage of them.
Image from: Trucks.com & West Coast Warehousing & Trucking