Did you know that a food truck is one of the most affordable ways to start your own food service business? If you have the skills to create an irresistible street taco or BBQ sandwich, then you will want to become the next food truck star of your city. However, you may be wondering how you can finance your food truck business in the off-season or when times are slow? Well, here are some avenues for you to explore.
Business Line of Credit
Not looking for a big lump sum that you would get from a business loan? Then you can apply for what is known as a business line of credit. With a business line of credit, you will have access to funds as you need them. For instance, let’s say that you need an extra $5000 to purchase inventory for the next month, you can simply pull that amount from your business line of credit. This is a great idea to ensure that you always have access to cash as you run your business operations.
Looking to get some publicity and cash for your business? One of the best financing strategies is to start a crowdfunding campaign. Crowd Funding sites such as Kickstarter and GoFundMe allow you to publicize your food truck and get people to contribute to your operations. In return, you can offer credit and free gifts for your support. To get started, you will want to create an enticing video that shows what your food truck offers. Then be sure to promote your crowdfunding campaign through your social media accounts.
Get Financing from an Independent Lender
Did you know that there are financing companies that offer loans to small businesses such as auto mechanic shops, beauty salons, contractors, and yes even food services companies like food trucks? With independent financing companies, you don’t have to worry about your current credit score. As long as you can show that your business is generating regular deposits into a business account, you can quickly get the financing that you need. Independent financing companies such as United Business Funding are an excellent resource for growing businesses from many types of industries. Funding services available include merchant advances, business lines of credit, and small business loans.
At United Business Funding we work with businesses of all sizes and circumstances. Call us today for the best terms on a Merchant Cash Advance, a Line of Credit, at 888-351-3863 to see how we can help.