Get your food truck business over the roads of America and raise high with over the $1200 M market size of the food truck industry, you can get it done quickly with the assistance of Government food truck grants via Small Business Administration (SBA) or various other food truck loans programs.
This article will discuss getting these funds to establish and expand your business. Even the government has pitched in and agreed to help the budding entrepreneurs by providing them with government grants for food trucks.
Top Small Business Food Truck Grants
With a profit industry of $23,000 to over $100,000 annually, the food truck business investment will never upset you. Whether small business grants for food trucks or term loans, the available resources are shining high.
Numerous term loans for food trucks can help you prepare for and establish your business. Proceed with this article and get through your different programs for the food truck grants.
Most of these food truck loans and grants are ambiguous in nature. It is nowhere specified whether these grants are for a trucking or food truck business. Hence, you can use it according to your choice and need. Here, we give you a list of food truck grants that can be used according to your requirements.
If you are American, one of the budding chefs or business people who strive to open a food truck, then tag along to learn more about food truck grants that can help you with your business.
1. FedEx Small Business Grant Contest
Every year, FedEx organizes The FedEx Small Business Grant Contest, providing grants to 10 promising small businesses. This grant can be termed under food truck grants as it doesn’t mention any specification related to the type of business you can enter the contest with.
- The company awards food truck grants of up to $25,000 to each winner deemed eligible for the award every year. One must note that this competition is very cut-throat, and you must work hard to make your mark on the judge’s mind.
- Owning a food truck business sounds exciting, but when you think about starting one of your own, the first thing that comes to mind is finance and funds.
- The most important thing to run a business is funds. You can apply for various food truck grants that numerous agencies run nationwide to get these funds.
- There were 4,500 applicants in 2017 for these food truck grants, yet only 10 were selected winners and awarded the grants.
- The grand prize or the grant amount to the winning business is $25,000, while the rest of the top 10 winners get $5,000.
- If you think that your truck is unique and your business has something different from the crowd to offer, then you can apply now for the FedEx food truck grants provided by FedEx under this contest.
2. NASE Growth Grants
- NASE is one of those organizations that helps the self-employed community of our society. The National Association for Self-employed citizens aspires to assist small business owners.
- As this organization provides help to all kinds of businesses, you can also get food truck grants.
- They provide grants amounting to $4,000, which can only be used in marketing, advertising, hiring employees, expanding the business, and other particular business requirements.
- These guidelines are provided by the NASE itself and are available on their official website for the applicant’s facility.
- To be eligible for the grant, you would have to become a part of the NASE program, and only then would you be further eligible for the said grants for small businesses.
3. NAV Small Business Grant
- NAV is a company that provides financial assistance to small businesses. When we say small businesses, this also includes food truck businesses.
- They have introduced a small business grant program, and under this program, they have been awarding grants amounting to up to $10,000 to small businesses that are showing or promise to show promising growth soon.
- To be eligible for this grant, you must be a member of the NAV program. This can be done quickly by signing up for a free account.
- You would then be needed to post on your Facebook business page and tell your story about the origin and establishment of your business and tag the company in your post so that you could be held into consideration while deciding the winner of the grant program.
Must Read: 5 Popular Private Grants For Individuals With Disabilities
Government Grants For Food Trucks
Not only various benevolent non-profit organizations but the government has also taken the responsibility to help small business entrepreneurs by introducing various government grants for food trucks.
These government grants for food trucks can be easily located on the government’s official website, which keeps all the records of all the grants introduced by the government at any juncture in time.
Small Business Administration
When seeking funds for business-related trucks, the first name in our minds is Small Business Administration. SBA is a federal government-administered agency that provides financial help to those who wish to dive into the trucking business or those who are already in the business but need funds from Small Business Administration to expand their business.
This is an agency that provides its service everywhere across the nation so you can apply for government grants for food trucks provided by this agency from any corner of the United States of America.
Small Business Administration (SBA) is an agency that promotes and supports all small and big trucking businesses, including the food truck business.
You can apply for government grants for food trucks at this agency by filling out a simple application form and determining whether your business is eligible.
If your business is eligible, then you can proceed with the submission of the form and other essential documents. This will ensure that you require small business grants for food trucks according to your eligibility.
Small Business Innovation Research Program (SBIR) Grants
Congress introduced Small Business Innovation Research Program (SBIR) to assist small businessmen in flourishing their businesses. This program annually awards approximately $2 billion to small businesses and several small business grants for food trucks.
You can apply for the grant if you have a small business under 500 employees. Other criteria for eligibility are that the business should get you profit, it should be in the United States of America, and it must be owned by an American citizen only.
The purpose of this program is to use the money for research, growth, and business expansion. These government grants for food trucks can be used on equipment, any other product, or services.
The grant is a matter of the applicant’s choice, but it should be used strictly for business aid purposes.
The grant amount is not disclosed, but it depends on the type of requirement of the applicant. You would have to mention the reason for the application to the grant to get funds accordingly. Mainly it provides funds of around $20000 for the new investment.
Must Read: Get Government Grants For Truck Drivers
How To Get Food Truck Loans
Food truck grants and government grants for food trucks might take more time than expected to provide you with the funds you require to start or run your food truck business.
The solution to this problem is food truck loans. Food truck loans are provided relatively more efficiently and speedily than term loan for food trucks and government grants for food trucks. Read along to learn more about getting quick food truck loans.
Personal loans
- Almost all banks and credit unions provide personal loans. Personal loans consider your credit score and credit history before approval. After that, you are provided with the required food truck loans taking into account the current interest rates.
- Rates can vary significantly according to the applicant’s creditworthiness; if the applicant has good to excellent credits, he or she would be provided food truck loans at quite favorable rates.
- Lightstream is a preferred channel to get personal food truck loans. Eligible applicants can get low rates and no fees as well. Another benefit of applying at Lightstream is that the rate beat program offers loans at 0.10 percent fewer rates than any other company.
- No late fees are levied on you if you accidentally get late in paying the loan. It also gives you 24-144 months to repay the loan, depending on the amount of the loan and your capacity to repay it.
Business Term Loans
- Business Term Loans are suitable for those food truck businesses that require specific funding for a particular business cost. A term loan allows the applicant to take out a lump sum amount that will be repaid by the end of the agreed-upon time.
- One such firm that provides such business-term loans is Lendio. India is the most prominent small business loan place. All you have to do to get your food truck loans is fill out online government grants for food trucks application form that will hardly take 15 minutes.
- You will be provided a list of lenders from which you will be given a choice to select a lender. Approximately 300 lenders have been included verified and trustworthy parties in this list.
- They include lenders like PayPal, Bank of America, and American Express. These loans will be provided within 24 hours once you submit the application form and the required documents.
Food truck grants have been a blessing for budding entrepreneurs and those who have been in the business for a while. These grants provide the applicants with funds and confidence to achieve their dreams.
Government grants for food trucks also have done appreciable work helping the needy. These food truck grants and loans have been helping aspiring business people for quite a long time.
Conclusion
This article comprehensively covers government grants for food trucks that provide financial assistance to food truck businesses. Contact the respective agencies and firms for more information regarding the food truck grants and loans.
FAQs
Is buying a food truck a good investment?
Anything in the food and hotel industry is profitable. So yes, a food truck can be a profitable and better investment.
Are food trucks still Profitable?
It depends on the factors like labor costs, the weather, commission, food waste, parking fees at specific events, and accounting issues. But yes, it can be profitable if everything goes well.
Where are food trucks most Profitable?
Most Food truck businesses are beneficial in Portland, Oregon. However, it all depends on the location where you park your truck to attract customer footfall.
What type of food trucks make the most Money?
Most Food trucks that sell Ice cream, Burgers, Barbecue, Tacos, French Fries & Pizza make the most money.