Utah is often referred to as the Friendly State, and that holds true for being friendly to trucking and transportation businesses. If you are considering starting a trucking or transportation business in Utah or already have one, here are a few things you should know about Utah.
Utah is a perfect place for businesses of all shapes and sizes. It has been ranked #2 for the Best State to Start a Business by WalletHub in July 2018, #2 Best Place in America to Start a Business by Inc. in August 2019 and #2 Best State for Business by Forbes in November 2018. The factors that help Utah top these lists are their favorable business climate, continually low unemployment, access to resources, and economic climate – to name a few.
The quality of an area’s infrastructure, including its roads, bridges, and traffic flow is critical to trucking and transportation businesses. For those that do business in and around Utah, you reap the benefits of an infrastructure that US News ranks #3 in the U.S. in 2019.
In 2018 the Utah legislature created the Inland Port Authority, which is designed to move forward the idea of an inland port in Utah. The Port will be adjacent to the international airport, major freeway systems, and intermodal rail hub with the primary objective being to increase the number of goods shipped through Utah. The inland port has the potential to have a direct positive impact on the trucking industry in Utah.
Access to loans and lines of credit are vital components to the success of many trucking and transportation businesses, and that is especially true when they are new or growing. For trucking and transportation companies that call Utah home, the good news is Utah consistently ranks at the top of the list for small business lending year after year. It is no mystery why for trucking companies in Utah with financial partners such as Tetra Capital. Tetra Capital has a long track record of helping trucking owner-operators, and small fleets get the financing they need. Most recently we were able to provide $25,000 in financing to a flatbed company and $100,000 in financing to a refrigerated freight hauler in Utah.
If your trucking or transportation business calls Utah home, we hope this information helped to prove why it truly is the Friendly State. If you still need more convincing or just easy and quick access to funds for your Utah trucking business, please let us help you get the financing you need to move forward and be successful in Utah. Give us a call at (801) 676-0182 and put our experience of working with trucking business in Utah to work for you.