Transportation
Payroll financing for transportation industry

With ports shuttered and drivers threatening to protest, could Payro help this transportation company weather the storm?

Logistics & shipping company
Established in 2018
$100,000 loan for 3 weeks
$3-4M monthly revenue
shape
Why a loan?

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.

We never expected this to happen. Our revenue was a solid $3-4 million a month. Yet suddenly, Covid hit, our cash flow was tight and we were in a bind. Our truckers were already frustrated with the port closures and transportation difficulties. When we had to push off their paychecks, things started spiraling.
Why Payro

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.

Just like the rest of the world, we were anxious and frustrated, but our truckers were especially upset. They had port closures to deal with and the last thing they wanted to hear was that their paychecks were going to be late.
Their loan

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.

Thankfully the $100,000 came in quickly and we paid our truckers immediately. This gave us time to collect invoices and catch up. We couldn’t have found funds this fast anywhere else.
What they said:
We’re grateful we found Payro — they carried us out of the pandemic. We were overwhelmed and thrown off guard by this unexpected situation, and they kept us calm. Without them, we were at risk of losing our truckers at a time when it would have been near-impossible to replace them.

Every business needs a safety net for when cash is low.

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