What is a Food Truck Business Loan and Why Should You Apply for One?

Описание: #Food #Truck #Business #Loans are industry-specific loans offered by traditional and non-traditional lenders to support a range of business needs. Though maintaining a food truck business can be more affordable, there are still significant costs associated with the upkeep of this small business. The best solution for those who need quick funding is to gain access to necessary funds through a loan. Business owners should apply for loans that offer low-interest rates, down payments, and collateral requirements.
Here are the more widely used loans to help fund food trucks:

#SBA loans- Most businesses opt-in for an SBA 7(a) loan. With it, you can access up to $5 million in working capital for 25 years with an APR of 5-9%.
Business lines of credit- Like a credit card for a consumer, a merchant can pull funds from the line and deposit them in their bank account.
Equipment financing- Purchasing new equipment can cost businesses a pretty penny. This financing option is used to purchase necessary business equipment.
#Merchant #Cash #Advances (#MCA): This funding method was made for businesses whose revenue comes primarily from credit and debit card sales, such as restaurants or retail shops.
There are plenty of advantages of utilizing a food truck business loan. These loans and financing options are intended for businesses within this niche to expand and ultimately acquire new customers to be successful.
Here are some of the advantages of food truck business loans and financing:

Gain access to the working capital needed to maintain day-to-day operations

Receive the funds needed to purchase and upgrade equipment

Renovate your existing food truck or utilize the funds to acquire a second food truck

Improve your cash flow by consolidating existing debt into a low monthly payment

Utilize funds with little to no lender restrictions - The funds provided are received as lump sums in your business bank account.

Improve your marketing and advertising endeavors to acquire new customers

At First Union Lending, our funding specialists are ready on standby to help determine your qualifications and walk you through the application process to receive funds as soon as possible.
While each of the available loans have varying qualifications, lenders will typically ask for the following general information:
Business Operations History
Business Revenue Statements
Personal & Business Credit Scores
Collateral if needed

Once we’ve received your information, reviewed your application, and approved the loan, your business bank account will receive funds in a matter of days. Once deposited - you have free reign to use the funds to help enhance your business.

Utilizing out-of-pocket funds can be expensive; look to a lender to finance your initiatives and keep your business running. First Union Lending has provided working capital to many food trucks run by passionate owners who enjoy providing great food, drinks, and atmosphere to their customers daily. We are ready to help small and growing food trucks attain the necessary funds when needed.

First Union Lending offers numerous financing programs designed with small businesses in mind. Our business loans are fast and flexible, with financing options ranging from $5,000 to 2 million dollars.
We have the funds to help!
Call today to learn more about our various financing solutions to help your business grow and become successful.

https://firstunionlending.com/food-tr...