What kinds of businesses in the transportation industry qualify for factoring?
There are many different types and various stages of businesses within the transportation industry that qualify for factoring.
Business types include:
- trucking company owners and transportation fleets
- freight brokers
- intermodal and container freight companies
- long haul transportation carriers
Business stages include:
- High growth companies with insufficient working capital
- Start-up companies with little income history
- Businesses recovering from a difficult year
When cash flow becomes a challenge for any type of transportation company, factoring is an excellent option to free up funds to keep trucks on the road, make payroll or pay operating expenses. That's especially important in the transportation industry where qualifying for traditional financing can be difficult.