I’m guessing you have started to read this post because you are either considering starting a trucking business in Idaho or have just started a trucking business in Idaho. There is a lot of information available about the steps to take to start a trucking business, but not much on the positive aspects of choosing Idaho has the state for starting your trucking business. As a finance company for trucking, we work with trucking companies in Idaho every day, and here is what we have learned:
Idaho offers businesses and residents a stable tax environment with low taxes; in fact, Idaho has the lowest per capita tax burden than any state with a 1.5% property tax and 6% general sales tax. Trucking businesses in Idaho can even receive additional tax cuts for things such as creating new jobs and on new, depreciable, tangible personal property placed in Idaho.
Idaho is the 7th highest paying state for CDL truck drivers according to Zip Recruiter with an average salary of $46,000 per year. When you combine that with the over $1.6 Billion paid in annual wages for the trucking industry in Idaho according to the Idaho Trucking Association, it shows that the trucking industry in Idaho has a lot to offer. And it’s not surprising with 1,500 advanced manufacturing businesses and 2,000 food production companies in Idaho with goods to ship.
There is a positive outlook for trucking in Idaho since for the second year in a row the state ranked 3rd for the top states with people moving in according to the 2018 National Movers Study conducted by United Van Lines. With more people moving into Idaho, there will be a greater need for goods to be hauled in and around the state. And with 72% of Idaho communities currently depending exclusively on trucks to transport their goods according to the Idaho Trucking Association one could expect only good things for the trucking industry in Idaho moving forward.
The state of Idaho offers trucking companies with the needed infrastructure to be successful with five interstates, 20 U.S. highways, and 30 state highways. Idaho’s infrastructure benefiting trucking extend to the Port of Lewiston, which allows for the furthest sea cargo can transit into the western coast of the United States.
Trucking companies often find it challenging to secure financing, especially if they are new, have a limited credit history or an unfavorable credit score. For trucking companies in Idaho, the excellent news is Tetra Capital offers financing for trucking companies of all types and sizes in Idaho. We regularly partner with trucking companies that have been turned down by other traditional lenders because they are new, have a limited credit history or an unfavorable credit score because we look at the creditworthiness of your clients instead of your business. Below are a few examples of financing we have provided to Idaho trucking companies:
• $25,000 to a Dry Van Company
• $40,000 to a Flatbed Company
• $100,000 to a Refrigerated Freight Hauler
With financing from Tetra Capital, Idaho trucking companies get paid within hours of delivering their loads instead of having to wait to be paid. In addition to getting you paid quickly, we also offer many time and money saving services to our clients such as free credit checks on your new customers and fuel cards plus we can handle invoicing, processing, postage, collecting and more for you.
Hopefully, this information has helped you to decide if Idaho is the place for you to start your trucking business. If it has, please let us help you get the financing you need to move forward and be successful in Idaho. Give us a call at (801) 676-0182 and put our experience of working with trucking business in Idaho to work for you.