The trucking industry is fast developing in the United States of America. There are more and more people getting into the truck driving profession mainly because of the acute shortage of truck drivers in the industry. There is an increase in the demand for finished goods throughout the country and this is the reason why there is a need for truck drivers throughout the nation. Around 500,000 for-hire trucks are operating on the road at present and this number is increasing steadily every year. The US trucking industry has been successful in making above $700 billion which is an industry record. However, the costs of equipment and hiring drivers have increased and this has made it difficult for the small trucking companies to function in a smooth manner. The expenses have further grown with the companies being forced to increase the salaries of the truck drivers and offer bonuses. Government regulations have also played an important role in this sphere. Getting personnel and new equipment are the two luxuries that the small companies are not able to afford.
Worst and Best States for Small Trucking Companies
Small and medium-sized truck companies are not being able to cope up with the new government regulations. These companies generally do not have sufficient cash needed for hiring truck drivers or to be used in emergency situations. It is important to note that small truck companies are important for avoiding exorbitant shipping costs throughout the nation. The small companies are needed for the success of the shipping industry. So, which are the best and the worst places to drive a truck or own a truck company in the United States of America? Let us first have a look at the best states for driving a truck or owning a truck company in the US.
The Best Help for Small Trucking Companies
Small trucking companies can get their required funds through alternative financing. However, it is important to consider that nowadays banks do not give out business loans which are less than $200,000. Therefore, the small trucking companies look out for other options that can help them in operating in a smooth manner. The trucking industry is growing in demand but at the same time, the costs needed to operate the trucking companies are also growing. In this scenario, merchant cash advances play an important role in providing sufficient funds to trucking companies. There are many states in the United States which are trying to accommodate to the truckers along with the trucking lifestyle but they are very few in number.