Month: August 2022

Defining a CDL – Commercial Driver’s License

A commercial driver’s license (CDL) is a driver’s license required to operate large, heavy, or placarded hazardous material vehicles in the United States in commerce. There are several different types of commercial motor vehicles (CMVs) that require a driver to hold a valid commercial driver’s license. Employers actively look for CDL drivers with one of these license classes, so it is recommended that you get the one you need before applying for your dream job. 

To drive certain specialized types of vehicles such as buses or tank trucks or carry hazardous materials, you must also apply for the proper endorsements on your CDL. Endorsements include:

• Passenger (P), allowing you to carry passengers
• Tank (T), allowing you to drive trucks containing liquid cargo; and 
• H (Hazardous Materials), allowing you to drive trucks containing such hazardous materials as flammable liquids, explosives, or radioactive substances. 

To obtain an endorsement, you will need to pass a specialized knowledge exam and possibly a specialized driving skills test. To obtain an H, P, or School Bus (S) endorsement, you must successfully complete training from FMCSA-approved training providers. To obtain an S endorsement, you must also undergo a thorough background check. (Source: https://driving-tests.org/cdl-classification-licenses/)

What is a Class A CDL? 

A Class A commercial driver’s license is required to operate any combination of vehicles with a gross combination weight rating (GVWR) of 26,001 or more pounds, provided the towed vehicle is heavier than 10,000 pounds. With a Class A CDL and the proper endorsements, you may drive the following types of vehicles: Tractor-trailers Truck and trailer combinations Tank vehicles Livestock carriers Flatbeds Tractor semi truck with flatbed trailer image credit With the proper endorsements, your CDL Class A may also allow you to drive some Class B and Class C vehicles. 

What is a Class B CDL?

A Class B commercial driver’s license is required to operate a single vehicle with a gross combination weight rating of 26,001 or more pounds, or tow a vehicle not heavier than 10,000 pounds. With a Class B CDL and the appropriate endorsements, you may drive the following types of vehicles: Straight trucks Large passenger buses Segmented buses Box trucks Dump trucks with small trailers Tractor-trailers Young man entering a HART’s passenger bus (image credit) With the proper endorsements, your Class B CDL may also allow you to operate some Class C vehicles. 

What is a Class C CDL?

A Class C commercial driver’s license is required to operate a vehicle that is designed to transport 16 or more occupants (including you, the driver) or transport hazardous materials (HazMat), materials that are classified as hazardous under federal law. With a Class C CDL and the proper endorsements, you may drive the following types of vehicles: Small HazMat vehicles Passenger vans Combination vehicles not covered by Classes A or B (Source: https://driving-tests.org/cdl-classification-licenses/)

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

If you are thinking about getting your CDL to drive commercially, there are qualifications you must meet. The following are the guidelines and requirements according to the State of Florida.

Qualifications to Apply

All applicants for a Commercial Driver License are required to have an Operators License and pass the vision requirements. Applicants must be at least 18 years of age. If they are under 21, they will be restricted to intrastate operation only.

Conditional Learner’s Permit

Before proceeding to the CDL part of the process all persons seeking a new commercial driver license must obtain a Conditional Learner’s Permit. The CLP allows you to practice driving on public roads with a qualified CDL holder riding with you. To acquire one you need to:

• Possess a Florida driver’s license.
• Pass the appropriate knowledge exams.
• Pass a vision test.
• Provide proof of identity and residency. This will likely be your current driver’s license, but check with a Division of Driver Licenses office to be certain of what they require.
• Pass the Division of Driver Licenses medical exam.
• Submit to a driving record review. Your driving record for the past 10 years will be up for examination.
• Pay the appropriate fee.

Following satisfactory completion of all the requirements for the CLP and a 14-day waiting period you can obtain your CDL by taking the vehicle driving skills test; which comprises:

• Vehicle inspections tests.
• Basic controls testing.
• A commercial driving road test.

***Go to the State of Florida CDL Skill Sites page for a list of test sites.

Classifications and Exam Requirements

Class A Exam Requirements – To operate trucks or truck combinations weighing 26,001 lbs or more, and towing a vehicle/unit over 10,000 lbs, then a Class A license is needed. The following tests are required:

• General Knowledge test
• Combinations vehicle test
• Air Brakes
• Pre-Trip
• Basic Skills
• CDL Road Test
• Applicable exams for desired endorsements

Class B Exam Requirements – To operate straight trucks and buses 26,001 lbs or more, then a Class B license is needed. The following tests are required:

• General Knowledge test
• Air Brakes (if applicable)
• Pre-Trip
• Basic Skills
• CDL Road Test
• Applicable exams for desired endorsements

Class C Exam Requirements – To operate vehicles transporting placarded amounts of hazardous materials, or vehicles designed to transport more than 15 persons including the driver with a Gross Vehicle Weight Rating of less than 26,001 lbs, then a Class C license is needed. The following tests are required:

• General Knowledge test
• Air Brakes (if applicable)
• Pre-Trip
• Basic Skills
• CDL Road Test
• Applicable exams for desired endorsements
• Endorsements are required for driving doubles/triples, tanks, passenger and hazardous materials.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

A merchant cash advance can benefit just about any small to medium-sized business. No matter who you are or what industry you’re in, you’re free to employ these advancements in any way you see fit, as there are no fixed rules to bind you. As a result, there are numerous examples of business owners successfully distributing their capital in various methods. Our clients have used their merchant cash advance in multiple ways to expand their businesses, and we’ll describe some of the more popular ones here.

Restaurants

Restaurants can have significant ups and downs when it comes to cash flow. This industry is a good fit because most restaurants accept credit card payments. In addition, it corresponds to the pace of a restaurant’s sales, ensuring that they do not remit an amount they cannot afford. As a result, many restaurant operators seek merchant cash advances. Another reason is to expand into other locations. Other expansion options with restaurant funding include starting a catering business, providing delivery services, and opening a second restaurant site.

Retail

Business trends in retail establishments can be volatile. If you own a retail establishment that occasionally endures a sales dip, having additional funds on hand could help you keep your store open. A merchant cash advance can be a suitable choice because many customers pay with their credit cards. Having a cash advance or retail funding allows you to refill inventory safely and, as a result, earn more sales.

Salon

Customers who come to your salon for manicures, massages, and other sorts of pampering are almost certainly paying with a credit card. In addition, you can use merchant money to upgrade your salon’s equipment, hire more technicians, or purchase new marketing materials because loyal customers are crucial to your salon’s business to increase customer happiness. Consequently, salon operators can use their merchant cash advance or salon funding to cover fixed costs like rent, inventory, and payroll.

Auto Repair

Small business operators in the auto repair industry face difficulties repaying loans. If you don’t pay your loan, the bank may seize your business’s machinery, equipment, and other high-value components. Use a merchant cash advance to avoid this since your customers will likely pay for repairs using their credit cards. In addition, you’ll be able to remit a portion of these sales until you’ve met your obligation, removing the risk of not being able to complete a strict payment schedule. After receiving merchant funding or auto repair funding, you can buy new equipment, pay for marketing, or expand your business. Don’t get left behind by your competitors! Auto repair firms with extra working capital can provide better service.

Hotels & lodging

The hotel business is no exception to the seasonal ups and downs. A debit or credit card is commonly used to pay for most hotel bookings booked in advance, whether online or by phone. The offseason is an ideal opportunity to enhance their lodgings, but working cash may not be adequate to fund such renovations. Applying for an MCA is very beneficial for this industry in these situations when hotel business funding is needed.

Agriculture

Agribusinesses have their share of drawbacks, just like any other business. Several things could go wrong, such as bad weather, unexpected livestock deaths, and insect infestations. A natural disaster or climate change could hurt an agribusiness. Starting an agricultural business will necessitate a significant initial investment. As a result, one can purchase all farm equipment and supplies one needs to get started. Due to the considerable expenditures of starting and running an agribusiness, cash flow issues are almost unavoidable. One’s ability to pay their workers and suppliers on schedule may be hindered by cash flow issues. One will require financing or agriculture funding if one does not have the funds to cover all costs immediately.

Real Estate 

There are a lot of companies that specialize in giving real estate businesses an MCA. It’s an unsecured loan to help them build infrastructure, repair and renovate, advertise, and grow their businesses, among other things. To prevent losing earnings, one may also obtain a speedy advance to start a transaction and pay back soon once the deal closes. Another scenario in which MCA and real estate funding can be beneficial is when you are faced with a shortage of capital at the last minute while trying to secure funding to complete a purchase.

Having access to a merchant cash advance can assist you in growing and improving your business. You may be eligible for this type of financing if your company is in one of the listed industries. Merchant cash advances can also benefit other industries, such as those that accept credit cards.

Merchant cash advances may be used in any way a firm deems suitable.  To make sure it can pay back its lender, the company must develop a strategy for utilizing its MCA as quickly and efficiently as possible.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

A merchant cash advance, also called an MCA, provides alternative financing to a traditional small-business loan. With an MCA, a company gives you an upfront sum of cash that you repay using a percentage of your debit and credit card sales, plus a fee.

Merchant cash advances are best for small businesses that need capital immediately to cover cash-flow shortages or short-term expenses. But this type of financing can carry annual percentage rates in the triple digits and create a difficult cycle of debt. Generally, you should consider all other small-business loan options before an MCA.

Here’s what to know about merchant cash advances, how they work and what to keep in mind before choosing one for your business.

How merchant cash advances work

A merchant cash advance company provides your business with a lump sum of capital. But an MCA isn’t a loan. Instead, that provider is purchasing your future sales, and you’ll use those sales to repay the funds — plus fees.

Merchant cash advance repayments can be structured in two ways:

Percentage of debit/credit card sales

This is the traditional way an MCA is structured, in which a merchant cash advance provider automatically deducts a daily (or weekly) percentage of your debit and credit card sales until the advance is repaid in full.

Unlike other types of business loans, merchant cash advances don’t have typical repayment terms. Repayment periods are based on your sales and can range anywhere from three to 18 months; the higher your credit card sales, the faster you’ll repay the advance.

Fixed withdrawals from a bank account

Merchant cash advance companies can also withdraw funds directly from your business bank account. In this case, fixed repayments are made daily or weekly from your account regardless of how much you earn in sales, and the fixed repayment amount is determined based on an estimate of your monthly revenue.

This type of MCA repayment structure allows you to calculate exactly how long it will take to pay the advance back based on the amount borrowed and can be better suited for businesses that don’t rely heavily on debit and credit cards sales.

Merchant cash advance rates and fees

Instead of a traditional interest rate, merchant cash advance companies charge their fees as a factor rate. Factor rates typically range from 1.1 to 1.5, varying based on the provider’s assessment of your business.

The factor rate you’ll receive will likely depend on your:

• Industry.
• Years in operation.
• Business financials.
• Debit and credit card transactions.
• Personal credit score.

Businesses whose ability to repay looks riskier will likely receive higher factor rates — and pay higher fees as a result.

The factor rate also does not include any additional fees the merchant cash advance company may charge you for working with it, such as administrative fees or underwriting fees, which will increase the total cost of your financing.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584