There are a lot of reasons a small business owner might need capital. When we ask small business owners the reason they’re looking for a small business loan at Lendio, expansion and marketing usually come out on top of the list. There are other reasons, but most small business owners don’t anticipate an expensive need to comply with a government regulation—but that doesn’t mean those expenses don’t crop up from time to time.
Trucking in California and new air quality rules within the state are a good example. In a nutshell, large diesel trucks operating in California need to comply with some pretty rigid emission standards to stay on the road. To meet those standards, trucks that don’t meet the standard will need to be retrofit with equipment to help them meet the standard or they won’t be allowed to operate within the state.
Of course if you’re in the trucking business in California, this likely isn’t news—deadlines and the need to fully comply have been creeping up on the industry for several years and are now coming to a head, making it necessary for truckers to dig deep and find the cash they need to make their vehicles comply. I don’t pretend to be a trucking expert, but the need to retrofit older trucks can be expensive. Equipment financing offers an alternative to wasting time trudging from bank to bank looking for a loan. We might be able to help. Check out Lendio, answer a few questions, and see if you qualify for an equipment loan—whether or not you’re a California trucker. Equipment loans can be used to purchase almost any equipment or fixture needed to do business.