A successful shipping & logistics company with an average of $48 million in annual revenue had a $240k monthly payroll for their trucking fleet. Then Covid-19 hit.
Suddenly, ports were shuttered or behind schedule, and their drivers were unable to receive and transport shipments. Their clients, who still had products stuck on ships, were delaying payments — and there was too little cash flow to make payroll.
With hardworking truckers afraid and threatening to protest, they needed instant access to a short-term loan of $100,000. And Payro came in with a fast, low-rate option – just in time to pay the team.
They applied for a loan, and worked with Payro loan advisors to calculate the exact amount they’d need.
A single short-term $100,000 loan for 3 weeks gave them relief and enough breathing space to get back on track. They got the funds in 2 days, and their truckers canceled the protest.