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Maritime shipping businesses traditionally relied on bank loans to adapt to market conditions. But the industry has only become more unstable in recent years, with more and more external factors having an influence on rates. This has made banks tighten their requirements for maritime shipping business loans. And even if approval is granted, the terms are highly restrictive since they reflect the bank’s concerns with drawing a quick profit.
United Capital Source, however, has worked with countless businesses that are frequently prone to unstable cash flow. Like maritime shipping companies, many of these businesses have issues with compensation due to economic changes, inclement weather, and other uncontrollable events. But looming uncertainties have never stopped United Capital Source from giving our clients the terms and loan options that make sense for their financial cycles.
Whether you need extra working capital to stay current on supplier payments or a larger, business term loan to make repairs, we can develop a payment structure that accounts for industry-wide fluctuations in expenses.
Understanding the problem before moving forward
One of our maritime shipping clients operates from a container ship facility at the container ship facility at the Port Newark — Elizabeth Marine Terminal in Newark Bay, New Jersey. Recently, the client contacted us about a dock that needed immediate repairs. A high tide and morning fog caused a container ship to damage the dock, where an international ship was mooring.
Since our finance team is well-versed in maritime shipping fundamentals, we knew that we could not fix the problem effectively without visiting the maritime shipping merchant in New Jersey. After reviewing the quotes to repair the property as well as the business’ future orders and accounts receivables, a small business loan was quickly approved and distributed. The client was able to repair the dock and allow freight ships to continue making and receiving deliveries. Apply now to see how much you qualify for!