Here is how to get funding to start a food truck.
Small businesses play a vital role in stabilizing a country’s economy. While this is true, one clear challenge a lot of small businesses deal with is the lack of adequate funding.
Luckily, a lot of federal programs have been developed to cater to such challenges. These are in the form of grants aimed at boosting business and economic growth.
Food trucks are among common business enterprises that serve an important function. One challenge that seems to be faced by small business owners is funding.
This article helps you discover the many grants available for small businesses such as food trucks. With any of these, your dream for establishing a successful business operation is achieved.
Private Sector and Government Grants For Food Trucks
When it comes to grants you can access for your food truck business, there are multiple options.
These can be broadly categorized under private sector grants as well as government grants. Under government grants, there are federal, as well as state grants. All these cater to small business owners.
Before going for a grant, you’ll need to know the different types there are. The reason for this is simple; to know which grant best fits your food truck business requirements.
It’s important to note that all grants provided sufficiently cover foot truck business operations. So, what are these grants, and how much money is accessible?
Food Truck Grants to Apply to
When it comes to grants available to food truck owners, there are many to choose from as you’ll find out shortly.
The funds available aren’t the same as some grants have higher offerings than others. The following are some of the most popular grants for food trucks you can access.
Eileen Fisher Woman-Owned Business Grant
It’s evident that this grant for food trucks is gender-specific. Here, women only women entrepreneurs that fit a particular profile are considered.
Ownership and leadership of the business must be at least 51%. Also, annual generated revenue should be less than a million dollars.
What more? You must have operated your business for a period of 3 years. If you meet all such criteria, you become the right fit for this grant.
This grant was established in 2004 by fashion designer Eileen Fisher to support women-owned businesses.
Small Business Administration (SBA) Grants
SBA grants have been around for a while. This federal agency was established for this purpose among others.
Asides from food trucks, a wide range of small business niches are supported by this government agency. You’ll have to visit its website to find out further details about the amount of funding available.
It’s important to note that accessing the SBA grant, like other grants requires to meet set guidelines. So, do SBA grants provide sufficient funding for your business startup? You’ll need to find out.
In most cases, the funding is adequate enough to cover small food truck operations.
Veteran-Owned Business Opportunities
This is a grant established to support and show appreciation to veterans for their service and dedication. Veteran-owned business opportunities grants are available for different small businesses including food trucks.
To be eligible, you must be a veteran (having prior military service).
This grant opportunity can be accessed from the Veteran Entrepreneur Portal. Although such grants are available for vets, minimum standards need to be met first.
There are additional opportunities for vets with disabilities.
Minority Business Grants
Do you belong to a minority group?
You might want to take advantage of the grant opportunity provided by the Minority Business Development Agency. Food truck businesses qualify to access such grants and owners can apply wherever they find this agency.
Apart from grants for food truck businesses, loans are also available for restaurants, pizzeria, and pubs through this agency. Your dream for starting your own food truck business can be achieved by simply applying.
Asides from federal grants for small business owners, there are also state grants which can be taken advantage of. It all depends on where you live and whether your state has such provisions.
States will such provisions provided detailed application procedures that must be followed.
Your best bet to get considered will be to make necessary inquiries and to follow all laid-out guidelines for accessing such funding. You may want to get as much information as you can on the procedures for applying.
National Association for the Self Employed (NASE) Grants
Another grant option you have as a food truck owner is the NASE grant.
This grant is available to a variety of small businesses including food trucks. To have a real chance of getting or qualifying for this grant, you’ll have to be a NASE member of good standing.
Qualified candidates get access to funding to the tune of $4,000. This is used for all sorts of business administration needs.
Your food truck business can benefit significantly from this amount.
FedEx Small Business Grant Contest
As a small business owner, you might have heard of the FedEx small business grant contest.
True to its name, small businesses get to contest for a spot to win a grant of $25,000 each. Out of all entries, only about 10 businesses are chosen for the prize money.
If this sounds like an interesting option to you, then you might want to take full advantage of it. It’s important to note that you’ll be dealing with stiff competition from other businesses.
This isn’t something to be discouraged about as you only need to ensure your business idea is solid.
NAV Small Business Grant
Food truck owners can apply for the NAV small business grant program.
This program offers an opportunity to earn as much as $10,000. One of the central requirements for accessing this grant is being able to tell your story after your entry.
Other finer details about the requirements can be found on NAV’s website. All you have to do is check whether your business idea or concept qualifies.
These are only a few of many grant opportunities for truck businesses. While some of these are specific to food truck businesses alone, others apply to a wide range of small businesses.
You’ll have to go through all the requirements in detail to increase your chances of being considered.