small Business Loans for Maritime Shipping Services
Unexpected equipment and plant or machinery repairs can effect business cash flow. Damage in the shipping industry is common, resulting from rough seas, reduced visibility from fog, and navigating large sea vessels into unfamiliar ports.
Not long ago, dock repairs were needed immediately for our maritime shipping client. They operate from the container ship facility at the Port Newark — Elizabeth Marine Terminal in Newark Bay, New Jersey. A high tide and morning fog led to a container ship damaging the dock where an international ship was mooring.
Knowing the maritime shipping industry business fundamentals, our finance team was able to quickly visit 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 provided. The funds were used to repair the dock, which allowed freight ships to make and receive deliveries.
Because we're so familiar with the maritime industry, and understand its challenges, we were able to quickly respond to keep our maritime shipping client afloat. We don't let anything stop us from helping our clients when they're in need. There's always a solution and we always find it.
Read more about how to complete a small business loan application.