Your trucking company in New Hampshire may not be making as much as you had hoped it would. The pandemic has stifled most industries and there’s hardly a business that hasn’t felt its ripples.
Have you considered senior debt funding for your trucking business? Amongst the many solutions that alternative lenders can offer, this appears to be an appealing option.
How does senior debt work?
Senior debt is money that you borrow which you must repay first in case you have to shut down your business. You will see that just like there are different types of financing, there are diverse priority levels of repayment.
So, if you find your company is headed towards a possible bankruptcy, those who have issued senior debt funds have to be repaid first. These are typically banks and bondholders who resolve credit lines. The next in line is subordinated debt holders, and finally, stockholders.
In short, senior debt is your business’s first layer of liabilities. This is secured by a lien against collateral. You will be provided with a fixed interest rate and a timeline for repayment. You must keep paying interest and principal payments to your lender depending on a prefixed schedule. Now you know why this debt is low in risk.
Where to get senior debt funds in New Hampshire:
You need to search for a business funding company in New Hampshire to get senior debt financing. This will allow you to get money for your trucking business faster.
It is more transparent and speedier. This is why looking for “business funding near me” in New Hampshire makes sense. The alternative lender will provide you with the capital against a collateral property.
This solution proves to be an economical one because of its low rate of interest. Your business gets the money it needs to fulfill its short-term and long-term goals.
Reaching out to an alternative funding solutions provider like the Alternative Funding Group is the best option when you need instant capital. They will provide “fast funding” minus the hassles and elaborate paperwork.
You can get senior debt funds against collateral, like a vehicle, home, or equipment. In case the loan goes into a state of default, you can sell this asset to pay up.
How can your trucking business benefit?
A trucking business may need extra money for many reasons. It could be for further growth or repairs. For that, the solution is in acquiring alternative business funding in New Hampshire.
A leading alternative lending solutions provider will understand the requirements for quick growth correctly. These experts can advise you on the best possible course of action to secure funds. Regardless of whether you have a new startup or an already established trucking business, you are eligible for alternative funds.
Senior debts prove to be low-risk to the lenders and quick money for the borrowers. So, it’s a win-win situation for both parties. It can help you acquire funds to finance a long-term growth strategy and boost your cash flow. You can expect to get flexible and customized solutions that are almost impossible to obtain from banks or traditional financial institutions.