Truckers and Trucking companies in the U.S. are faced with difficult choices in the days post-COVID. Shortage of drivers as well as rising freight rates have put a bit of a stranglehold on truckers and trucking companies. Here are some great solutions to help the flailing trucking industry as seen through the eyes of a business financing broker.
Training Day
Most of the issues we see today in the trucking industry is the lack of qualified drivers. Many licensed truckers, post COVID, have either decided to hang it up, or some, just decided not to jump back into the drivers’ seat instead choosing to retire early or, in some cases, there are drivers who have not been able to pass a simple drug test. One solution to this problem is to recruit new drivers. But what is a trucking company to do when their funds, (funds that could be used for hiring and training new drivers), are all tied up in unshipped goods or in unpaid invoices? One solution is to look for business financing. Funds borrowed from independent business lenders can provide trucking business owners with the ability to hire new drivers, pay for their training and get them on the road delivering goods that are just sitting on boat docks waiting to be brought to market.
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Human Resource Funding
Recently, in the U.S. there has been a massive shift in mentality of today’s workforce. Trucking industry jobs have wrongfully been depicted as undesirable by Millennials. Also, some truck drivers have decided to switch careers entirely. Some of the reasons could be that trucking industry jobs are both physically demanding, and come with long hours, lots of time spent away from home and tons of oversight but both federal and local entities. One solution many trucking companies have turned towards to help staff their fleet, is to take out a short-term business loan to create a large recruitment advertising campaign. By borrowing the funds, they need from an independent lender, trucking companies can keep the cash they have, on hand, while they use the borrowed funds for recruitment.
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Raise the Bar
Many trucking companies these days are being hit hard by; the demand for goods, rising freight rates, as well as driver’s wages. Driver’s wages, which have typically lagged inflation, are on the rise! Many trucking companies have had to resort to bonus structures for their drivers to help satisfy their need for new drivers and even to retain their legacy staff. Borrowing funds for your trucking business to help pay staff is something many trucking businesses use to steady their staff issues and alleviate driver turnover. Keeping trained drivers on the job is paramount for successful trucking companies and private fleets. Business funding for commercial trucking companies is just one way a business can go from just surviving, to thriving in just a few days.
Business financing for the trucking industry, retail, restaurants, medical offices, and the construction industry can always be found at United Business Funding. Give us a call today at 888-351-3863 or get-a-free-quote on financing for your business here.