Lending and Finance

BLF Has Helped Our Truckers Receive Over

$

In Business Funding.

SBA Loans

Backed by the government, SBA Loans offer favorable terms to help small businesses thrive. A reliable route to secure funding, they provide stability and growth potential.

Learn more about SBA

Lines of Credit

Offering flexibility, a Business Line of Credit allows you to access funds whenever needed. It’s an ideal solution for managing cash flow and unexpected expenses.

Learn more about Lines of Credit

Term Loans

A Term Loan is a specific term (3-7 years), fixed-rate loan with stable monthly payments. These loans are a great fit when you have a specific use, need funds quickly, and want to lock in your interest rate.

Learn More about Term Loans

Equipment Finance

Invest in your fleet without the upfront costs. Equipment Finance solutions make it easier to acquire, upgrade, or replace what you need to be on the road.

Learn more and apply

Short Term Capital

Perfect for immediate needs, Short Term Capital provides quick funds. Whether it’s for bridging gaps or seizing opportunities, it’s a fast and efficient solution.

Learn more and apply

Personal Loans

Personal Loans can offer entry way into funding your new trucking business. They are also often used to fund ongoing business operations and expenses for truckers with little to no business credit.

Learn more and apply

SBA Loans are the backbone of government assisted financing for small business owners.

The Small Business Administration’s (SBA) 7(a) loan program is the most common and widely used government backed finance option.

These loans aren’t new. The big difference between an SBA loan and a conventional loan is that the government partially guarantees an SBA loan. While lenders provide the funds on an SBA loan, the agency guarantees a portion of that amount. If you default on the loan, the SBA pays out the guaranteed amount. This allows for longer payment terms and lower monthly payments. Conventional business loan payment terms typically only last 5 years, but 10 years is the norm for an SBA 7(a).

Lines of Credit (LOC)-Access to funds when and if they are needed.

A line of credit (LOC) is a revolving loan that allows access to a fixed amount of capital that can be drawn upon whenever the need arises. Access to additional capital is dependent upon how much is paid back towards the original draw down.

As mentioned above, your payment, and the interest, is based upon the funds you use. Once repaid, the credit limit is available to be accessed again as needed. The repayment schedule is either weekly, or monthly, depending on the lender.

Term Loans are a viable SBA alternative. Oftentimes, they may even be the better option.

Bank Term loans are term loans meant to be repaid in a shorter amount of time than the 10-year term of a typical SBA loan. This type of loan can be a great way to get the funds you need to successfully build or maintain your business until you are eligible for an SBA loan.

A Bank Term loan is a specific term (3-7 years), fixed-rate loan with stable monthly payments. These loans are a great fit when you need funds quickly and want to lock in your interest rate. Additionally, paying off a Bank Term loan responsibly helps to build business credit

Equipment Financing-when it’s time to expand/upgrade the fleet.

Before or during a new/used truck purchase transaction truckers will often be presented with finance offers directly from the dealer. But in-house financing is a huge money maker for dealerships. And since every dealer sells equipment through only one finance company (often its own), the buyer will be robbed of options, and- more importantly, will be at the mercy of the dealer to be honest and forthcoming.

There are many trucking finance options out there. And It is always best to find the best match for your current needs and the particulars of your business and its financial

Short Term Loans-the domain of emergencies or truckers with less than stellar credit.

Short term funding/capital is an option when either time is of the essence and/or a borrower does not meet the standard bank lending requirements. This is usually caused by low credit, short time in business, or inconsistent revenue.

Short term funding loans, more often than not, are a ‘one-off’. They are very unique to each borrower. But, because they are loosely regulated, borrowers can sometimes be misled by an unscrupulous funding broker/agent. It is important to have someone you can trust to put your needs first. Of course, BLF has your back.

Personal Loans-For truckers with no business track record.

A personal loan is a type of financing that, although it can be used for business purposes, is approved based upon the personal finances and credit score of the applicant. There is no restriction for the use of capital if approved for a personal loan-including using it for trucking operations.

Personal loans can be applied for at many places including one’s current bank, a credit union and some online lenders. The amounts of approval are based upon provable income (from either tax returns, pay stubs or both). Rates vary, and if the applicant has low credit they can be high.

Lending & Finance.

All of the loan options below use the same application at BLF, so if you are unsure if you qualify for one over another we can help you after reviewing your application.

*For a more detailed breakdown of each loan type scroll to the middle of this page

SBA Loans

Backed by the government, SBA Loans offer favorable terms to help small businesses thrive. A reliable route to secure funding, they provide stability and growth potential.

Lines of Credit

Offering flexibility, a Business Line of Credit allows you to access funds whenever needed. It’s an ideal solution for managing cash flow and unexpected expenses.

Term Loans

A Term Loan is a specific term (3-7 years), fixed-rate loan with stable monthly payments. These loans are a great fit when you have a specific use, need funds quickly, and want to lock in your interest rate.

Equipment Finance

Invest in your fleet without the upfront costs. Equipment Finance solutions make it easier to acquire, upgrade, or replace what you need to be on the road.

Short Term Capital

Perfect for immediate needs, Short Term Capital provides quick funds. Whether it’s for bridging gaps or seizing opportunities, it’s a fast and efficient solution.

Personal Loans

Personal Loans can offer entry way into funding your new trucking business. They are also often used to fund ongoing business operations and expenses for truckers with little to no business credit.

SBA Loans

The Small Business Administration’s (SBA) 7(a) loan program is the most common and widely used government backed finance option.

These loans aren’t new. The big difference between an SBA loan and a conventional loan is that the government partially guarantees an SBA loan. While lenders provide the funds on an SBA loan, the agency guarantees a portion of that amount. If you default on the loan, the SBA pays out the guaranteed amount. This allows for longer payment terms and lower monthly payments. Conventional business loan payment terms typically only last 5 years, but 10 years is the norm for an SBA 7(a).

Lines of Credit (LOC)

A line of credit (LOC) is a revolving loan that allows access to a fixed amount of capital that can be drawn upon whenever the need arises. Access to additional capital is dependent upon how much is paid back towards the original draw down.

As mentioned above, your payment, and the interest, is based upon the funds you use. Once repaid, the credit limit is available to be accessed again as needed. The repayment schedule is either weekly, or monthly, depending on the lender.

Term Loans

Bank Term loans are term loans meant to be repaid in a shorter amount of time than the 10-year term of a typical SBA loan. This type of loan can be a great way to get the funds you need to successfully build or maintain your business until you are eligible for an SBA loan.

A Bank Term loan is a specific term (3-7 years), fixed-rate loan with stable monthly payments. These loans are a great fit when you need funds quickly and want to lock in your interest rate. Additionally, paying off a Bank Term loan responsibly helps to build business credit

Equipment Financing

Before or during a new/used truck purchase transaction truckers will often be presented with finance offers directly from the dealer. But in-house financing is a huge money maker for dealerships. And since every dealer sells equipment through only one finance company (often its own), the buyer will be robbed of options, and- more importantly, will be at the mercy of the dealer to be honest and forthcoming.

There are many trucking finance options out there. And It is always best to find the best match for your current needs and the particulars of your business and its financial

Short Term Loans

Short term funding/capital is an option when either time is of the essence and/or a borrower does not meet the standard bank lending requirements. This is usually caused by low credit, short time in business, or inconsistent revenue.

Short term funding loans, more often than not, are a ‘one-off’. They are very unique to each borrower. But, because they are loosely regulated, borrowers can sometimes be misled by an unscrupulous funding broker/agent. It is important to have someone you can trust to put your needs first. Of course, BLF has your back.

Personal Loans

A personal loan is a type of financing that, although it can be used for business purposes, is approved based upon the personal finances and credit score of the applicant. There is no restriction for the use of capital if approved for a personal loan-including using it for trucking operations.

Personal loans can be applied for at many places including one’s current bank, a credit union and some online lenders. The amounts of approval are based upon provable income (from either tax returns, pay stubs or both). Rates vary, and if the applicant has low credit they can be high.

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