Triumph Business Capital Review
Janet Schaaf is a freelance writer, editor and proofreader who considers reader advocacy to be her calling. After taking a few roads less traveled, Janet completed a bachelor’s degree in English Literature from the University of Missouri-Kansas City, with English Department Honors. She has been correcting grammar and checking facts since she could string a sentence together. For the past three years, Janet has focused on making personal finance topics understandable and relatable. Loan terms and credit card agreements can look overwhelming, but understanding what you’re agreeing to is paramount in grasping the impact debt can have on your life.
 | Starting APR range: N/A Best for: Christian Truckers struggling with cash-flow issues due to slow customer payments. |
Pros and cons of Triumph Business Capital
| Pros | Cons |
|---|---|
Same-day funding No minimum invoice value 100% invoice advance rate Fuel card discount program | Only offer funding for the trucking industry Website doesn’t provide many details and is sometimes contradictory Must submit all invoices for chosen customers |
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Triumph Business Capital small business financing review
Triumph Business Capital is a division of Triumph Financial, Inc., a Dallas-based, publicly traded financial services company with a decidedly Christian-based bent. Although Triumph Business Capital advertises several small business finance products on its website, it really only specializes in a very specific area: invoice factoring services for the trucking industry, According to shareholder information, the company currently works with over 10,000 small business owners.
Who is Triumph Business Capital for?
- You’re in the trucking industry and have cash flow problems. Invoice factoring allows you to sell your invoices for nearly instant cash, and there may be additional advantages in working with a lender who’s familiar with your industry.
- You prefer to work with a Christian lender. Most lenders shy away from religious themes, but Triumph Business Capital does not.
- You’d prefer to avoid credit-based lending. Invoice factoring doesn’t rely on your credit score nor does it help you build credit — instead, your borrowing ability is tied to how well your customers pay their invoices.
Triumph Business Capital small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Invoice factoring | N/A | N/A | Not disclosed | $100 setup fee $3 ACH transfer fee |
Invoice factoring
The way invoice factoring works is essentially by selling your invoices to Triumph Business Capital. You choose which of your customers you’d like to receive faster payment from, and if Triumph approves, you’ll submit all of your invoices for this customer to Triumph directly.
Triumph then forwards you 100% of the invoice amount within 24 hours, which you’ll presumably use to repay the factoring fee within a certain amount of time. There is no minimum invoice size, and $2,002 was the average invoice amount that trucker clients sold to Triumph Business Capital during the last quarter of 2022.
Equipment financing
Triumph Business Capital previously offered equipment financing for new and used equipment with a minimum loan size of $250,000, paid off over 24 to 60 months. To qualify, your business would have needed at least $2 million in annual revenue. However, due to the recent spikes in interest rates, the company paused its equipment financing division in late 2022.
Triumph Business Capital borrower requirements
| Minimum annual revenue | N/A |
| Minimum time in business | N/A |
| Minimum credit score | N/A |
Invoice factoring is different from most other types of small business financing, such as small business loans, because it relies on your customer’s creditworthiness instead of your own. Triumph Business Capital makes money when your customers pay their invoices, so if your customers reliably do this — even if that takes longer than is convenient for you — then you may be a good candidate for invoice factoring if you need to smooth out your cash flow.
Required documents
Triumph Business Capital will require you to submit the following documents so it can verify you meet their business lending requirements for invoice factoring:
- Invoice examples
- Current invoice aging report
- Articles of incorporation, organization or other business formation documents
Alternatives to Triumph Business Capital
| Triumph Business Capital | Commercial Fleet Financing | Elevation Capital | |
|---|---|---|---|
| Minimum credit score | N/A | 640 | 500 to 600, depending on financing type |
| Loan products offered |
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| Time to funding | Within 24 hours | Within 24 hours | 10 days to three weeks |
| Starting APR | N/A | Not disclosed | 1.12 to 1.24 for invoice factoring |
| Maximum loan size | N/A | $1,000,000 | $10,000,000 |
| Minimum annual revenue | N/A | Not disclosed | $150,000 |
Triumph Business Capital vs. Commercial Fleet Financing
If you’re a trucker that needs to purchase or lease equipment, Commercial Fleet Financing is more the type of lender you’re looking for. It doesn’t offer invoice factoring at all, but it does offer loans, leases and lines of credit to use at auctions. Funding can be very fast, but if you can afford to wait and you’re already an established trucker, then other options like SBA 504 loans may be much cheaper.
Triumph Business Capital vs. Elevation Capital
Elevation Capital works with business owners in several industries, including the transportation industry. Along with invoice factoring, it provides two other services that Triumph Business Capital does not: merchant cash advances and purchase order financing, although truckers may not have quite as much use for these two options. For its invoice factoring option, you’ll need to submit a minimum volume of $5,000 of invoices to Elevation Capital each month in order to be eligible.