About SBA Owner-Operator Startup Business Loans
This government agency does not directly lend you money; instead, it promises to pay an SBA-approved lender a portion of the loan amount in the event that borrowers default. There are many different SBA guaranteed loans out there.
The owner/operator startup business loans offer longer repayment terms alongside low rates of interest to trucking companies. Occasionally, a startup trucking business might just qualify for a loan backed by the SBA. However, such loans usually need a considerable amount of collateral. They are most often used for long-term business financing, in order to make big purchases or acquire a business.
With a loan of this kind, you can borrow a maximum of $5 million and have 10 years to pay it back. It can be a particularly good fit for American companies looking to finance the purchase of many trucks, which can expand their business by acquiring a rival or open a hub at a new area. It is also good for businesses that are in their startup phase; as the trucking segment grows past $700,000 million in annual revenue in 2019, there are more people owning and operating a trucking business who need funding.