Get the Wheels Moving with Food Truck Loans

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Financing Can Be Your Engine for Growth

Food truck loans can bring your culinary business to the next level. As you’ve surely noticed, owning and operating a food truck isn’t cheap. There are plenty of costs that go into the business’s day-to-day. First, there are the costs it takes to produce high-quality food, including buying ingredients and kitchen supplies. Then there are the truck maintenance expenses, which are different than the typical costs of running a brick and mortar restaurant. Not to mention the costs that go toward the licenses and permits required to operate and park the vehicle, insurance, bookkeeping, and other necessary backend expenses. No matter what you need to put the money toward, you can count on a food truck business loan to get the job done.

When you attain food truck financing from an alternative lender, you have the freedom to use your working capital however you see fit. Because you’re the owner of the business, you know what areas need more support. Here are some examples of ways you can spend your food truck loan for your restaurant on wheels.

How You Can Spend Food Truck Loans

Update Your Equipment

Update Your Equipment

When you obtain equipment financing from an alternative lender, you can update your supplies or purchase new ones to keep the kitchen in great shape. Plus, upgrading to more space saving and efficient cooking equipment will allow you to fulfill customer orders more quickly. If you decide to use your food truck loans in this way, you can improve the quality of the output you’re producing, all while creating a more effective cooking space for you and your staff.
Grow Your Menu

Grow Your Menu

If your current menu items could use some sprucing up, you might want to update or add to your options. For instance, maybe you didn’t have something to accommodate the rising vegetarian and vegan populations. You could also consider options that cater to individuals with different food allergies. Food truck loans can provide you with the working capital to purchase food supplies and experiment with new offerings.
Streamline Your Marketing Strategy

Streamline Your Marketing Strategy

Whether you’ve got consistently long lines or need to draw a larger crowd, you should always focus on attracting new customers. When you use food truck loans to invest in business marketing, you can reach a larger customer base. You can expand your business’ online presence by hiring a marketing coordinator. If you aren’t quite ready to hire more staff, you can invest your food truck loans into other paid social media strategies that can improve your reach.
Purchase Another Truck

Purchase Another Truck

You might be ready to expand by using your food truck loan to buy another truck. According to Forbes, the price range of buying a food truck is anywhere from $50,000 to $200,000. In an article by Roaming Hunger that compiled advice from various food truck owners, many say they wish they had purchased a trailer instead of a truck. Also, plan for the additional costs to get your new truck running, such as fuel and kitchen equipment. A food truck loan can cover the cost of the truck and the additional expenses.

Choose QuickBridge for Your Business Lending Solutions

  • Simple application process

  • Business loans of up to $500K2

  • Receive funds within days
  • No hidden fees

  • Early payoff discounts3

  • Flexible loan term options
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