Currently the oil and gas industry is considered one of the largest industry in the world. There are over 121,446 gas stations in the US, leading to over $106 billion annual revenue. Previously gas station was just a location where individuals used to fill their cars with fuel; but not now. It’s now turned to an entire service convenience store with fuel, drinks, food, and miscellanies, which makes them a more profitable business.
Reasons for Financing a Gas Station
Business loan provides financial assistance to the gas station owners to invest in the growth of their oil and gas business.
- Gas and oil transportation
- Purchasing oil tanks
- Adding more space for tuck shop
- Cash flow
- Purchasing oil & gas
- Buying moving tools
- Purchasing tyre shop inventory
How Business Loan is Helping Oil & Gas Business
All of the oil and gas stations have underground fuel tanks to keep gas and oil. Underground storage tanks for gas and oil stations are important, because they hold flammable and burnable oils. These tanks are constructed with utilizing special coating, engineering designs, therefore, these are expensive.
Every oil and gas service station today requires modern storage tanks for fuel. The alternative lenders realize that how essential these tanks will be to any gas station, therefore, they offer business loans for underground storage tanks. You will get underground storage tanks easily by getting a business loan.
Most of the gas stations have an ATM machine just for the convenience of their customers. All these add-ons in a gas station come at high cost and most of the gas station owners having no cash in hand are getting the help of business loans. There are many lenders out there providing various financial services to gas stations.
Moving tools and supplies are the most crucial things for just about any service station. The lube equipment are the most expensive equipment among various products from the oil and gas service station. There are many alternative lenders out there providing funding for oil and gas business for purchasing fuel dispenser and other moving equipment.
The entire process of applying and getting a business loan is really easy. The majority of the lenders offer great rates and fast approvals to get business loan quickly.
If you are unable to get a bank loan just because of lack of established credit, low credit score or insufficient documentation, a business loan can provide a business owner the financing they need with reasonable rates. With business loans you can get much faster funding in just 7-10 days with higher approval rates and less documentation requirements.