Funding by industry
Trucking funding starts with one question: are you already factoring?
Almost every carrier we speak to expects the first question to be about revenue. It is usually about factoring — because if your invoices are already assigned to a factor, a whole category of funding no longer has anything to be repaid from. Getting that on the table first saves weeks.
Elora is not a lender, bank or broker. We coordinate: we prepare the file and introduce it to appropriate funding sources, who make every credit decision. Nothing here is an offer, a rate quote or a guarantee of approval.
Why factoring changes everything
Factoring is not a loan and it is not a problem — it is a sale. You assign the invoice, the factor collects it. The consequence is that those receivables are no longer available to repay anything else, and a structure built on them has no claim.
- The factoring agreement belongs in the file on day one. Whether it is recourse or non-recourse, and whether it covers all loads or some, decides which sources can even look at the request.
- The bank statements will show it anyway. Factor advances arrive as regular deposits from one payer. A reviewer reads that in minutes, so there is nothing to gain by leaving it out.
- A UCC filing is usually already in place. Most factors file one. Anything else that expects a first position has to be told, because it is not going to get one.
- Equipment is often the remaining lever. When receivables are assigned, a truck or trailer owned free and clear is frequently the strongest thing left in the file.
The documents that actually move a carrier file
A carrier file is judged on settlement history and on what you own. These four cover both.
| Document | Why it is asked for |
|---|---|
| Business bank statements — last 4 months | Shows settlement rhythm, fuel spend and whether factor advances are arriving. The single most informative document in the file. |
| Operating authority (MC/DOT) with the date it was granted | Authority age is a hard filter for many sources. Under twelve months narrows the shortlist sharply, so it is better known at the start than at the end. |
| Titles and the equipment list | Determines whether anything asset-backed is available. A unit held free and clear is worth stating explicitly rather than leaving to be inferred. |
| The factoring agreement, if you factor | Decides which structures are even possible. Withholding it does not hide it; it just delays the same conclusion by a week. |
Insurance certificates are usually requested too, and they are simple to obtain from your agent. A lapse in coverage is one of the few things that stops a file outright, so it is worth checking the dates before you send it.
Which structures tend to fit — and which rarely do
Fuel is paid today, the load settles in thirty to sixty days, and the truck is both the business and the collateral. Fit follows from that.
| Structure | How it behaves |
|---|---|
| Equipment financing | The truck or trailer secures the transaction, so the review leans on the asset rather than only on history. Often the most accessible route for a younger carrier. |
| Invoice factoring | Solves the thirty-to-sixty-day wait directly and is widely available. Not a loan — you are selling the invoice, and once assigned it cannot back anything else. |
| Revenue-based advance | Possible where deposits are steady, but a fixed daily debit against irregular settlement weeks is a genuine mismatch. Hardest where factoring already takes the receivables. |
| Business line of credit | Well suited to fuel and maintenance swings because you draw only what you need. Expects longer operating history than most carriers have in year one. |
We do not publish rates, amounts or terms. Those are set by the funding source for your specific file, and any figure quoted before underwriting would be a guess. How these structures differ, in plain English →
Why carrier files stall
In our experience preparing files, most delays are not credit decisions. They are gaps that could have been closed before submission.
- Factoring not mentioned. The most common and most costly omission, because it is discovered rather than disclosed.
- Authority newer than the file suggests. A reinstated or recently transferred authority reads as new, whatever the years of driving behind it.
- Settlements paid into a personal account. Common for owner-operators, and it leaves the business with almost no readable history.
- Insurance expired or about to expire. Easy to fix in advance, and one of the few things that halts a file outright.
What happens if you start a review
You answer a short intake, upload documents through a secure portal, and a person — not an automated score — reads the file and tells you what is strong, what is missing and which kinds of funding source are a realistic fit. No upfront fees, and nothing at this stage affects your credit. If we cannot help, we say so.