Finance Survey Reveals Trucking Industry Looking for Alternative Funding in 2016
Las Vegas, NV (PRWEB) December 07, 2015 -- Alternative financing organization Merchant Cash USA surveyed individuals, through a third-party marketing organization, across the country to see what types of new businesses were most interested in getting financing in 2016 from an alternative lender. The organization surveyed 6,532 male and female entrepreneurs to see which industries would benefit most from alternative financing.
Alternative financing is quickly becoming one of the top ways small business owners get funding. Today, most traditional banks won’t even consider giving out a business loan that is less than $200,000. This leaves many business owners, who are looking for a smaller loan, out of luck. Merchant cash advances are quickly becoming one of the top ways business owners can get lower amounts of fast capital to help expand their business or in case of a business emergency.
Earlier this year, the Small Business Administration released a report that divulged the benefits of alternative financing. Economic researcher, Miriam Segal explains, “Peer-to-peer loans offer the benefits of an expedited application process, smaller loan amounts, and shorter terms.” Easy terms, fast applications, and money within a week of applying has made the cash advance industry one of the most appealing options for small companies.
Merchant Cash USA’s email survey asked individuals questions such as name, particular type of small business they owned, what they needed a business advance for, and why they would be interested in alternative financing as opposed to a traditional bank loan.
Small Businesses Inclined Towards Alternative Financing in 2016
1. Trucking – 78 percent
2. Restaurant/Food Service – 74 percent
3. Salons/Spas – 72 percent
4. Beverages/Spirits– 67 percent
5. Landscaping Companies – 63 percent
6. Franchise Operators – 59 percent
7. Automotive Repairs/Shops/Salvage – 51 percent
8. Retail (Clothing and Home) – 50 percent
9. Cleaning Services – 48 percent
10. Start Ups – 43 percent
87 percent of total respondents cited that “expedited procedures” were the reason they would turn to a cash advance, as opposed to a traditional bank loan. The process to get a traditional loan can sometimes take months, and if a company needs the money desperately, that time frame isn’t always an option.
This survey indicated that trucking was the industry most inclined to cash advance funding. The trucking industry is one that has grown exponentially in the last few years, as demand has increased for American goods and services. Trucking owners know that to keep up with larger conglomerates, they need to make sure they have drivers on the road at all times, and equipment is running efficiently. If an accident occurs, a rig breaks down, or another emergency happens, many small business-trucking owners turn to cash advances as a way to acquire quick cash flow.
“The trucking industry is in higher demand than ever, but costs to operate are also at an all-time high,” says the Chief Communications Officer of Merchant Cash USA Darrin Landau. "A merchant cash advance can help a small trucking company get the equipment they need in case of an accident, when something breaks down, or if demand for goods increases."
About Merchant Cash USA
Merchant Cash USA was founded in 2015 to help businesses grow by obtaining the cash flow they need. The organization's mission is to offer small to medium size business owners cash advances without the hassle of big bank requirements. Visit merchcash.com to find out more of follow us on social media. Facebook and Google Plus: Merchant Cash USA and Twitter: @merchcash.
Kirsten Johnson, Merchant Cash USA, http://www.merchcash.com, +1 (702) 994-6727, [email protected]
Share this article