How to finance the launch of your foodtruck?

How to finance the launch of your foodtruck?

The successful launch of a food truck project depends on its financing. However, the investment required to launch such a project is around 40,000 euros, which is a fairly substantial initial amount. To help the owners of this project to find the capital to start their activity, many financing solutions are proposed. Find out in this article how to finance the final details of launching your foodtruck.

Financing the launch of your foodtruck with microcredit

One of the safest financing solutions for starting a foodtruck business is microcredit. Indeed, anyone who wants to start or take over a business can apply for a professional microcredit. This is a micro-loan for professionals excluded from the traditional banking system because of their meagre income or a situation of overindebtedness. In the typical case of a foodtruck, this means of financing can contribute to the purchase of the first stocks of food for example.

De même, le microcrédit professionnel peut aider à la création d’un site internet ou à l’acquisition du matériel nécessaire au lancement de son activité de foodtruck. Les taux d’intérêt pratiqués pour cette forme de prêt sont généralement compris entre 5 et 8 %. Et le remboursement du crédit ne dépasse pas généralement les 48 mois. Si vous souhaitez financer les derniers détails permettant de lancer l’activité de votre foodtruck, vous pouvez faire appel à la plateforme Finfrog qui propose jusqu’à 600 euros en moins de 48 h. Le processus est simple, rapide et efficace.

Opting for crowdfunding and loans

Crowdfunding remains a form of participatory financing that gives individuals the opportunity to finance a foodtruck project. The process of raising the money is done through specialised platforms. The main advantage of this solution is that the project owner can benefit from large amounts of money. To get people to support his or her foodtruck, the entrepreneur just needs to find a way to sell and explain the project.

In addition, the person who wants to create a foodtruck can go through the "prêt d'honneur" to launch his activity. This loan is offered by public associations and allows the borrowing of money at zero interest. The only guarantee given by the entrepreneur is a certificate of honour for repayment. To obtain this type of financing, the owner of the foodtruck must submit a file containing a business plan to a suitable organisation.

Apply for grants and subsidies

There are a number of public and private subsidies that can help reduce the costs of setting up a foodtruck. Here are some of these supports.

General aids and grants

The aids included in this category are the following:

  • Aid for the takeover or creation of businesses (ARCE): the foodtruck promoter who has already benefited from ARCE can receive unemployment benefits in the form of a lump sum paid by the French employment office. This even guarantees support throughout the course of the business;
  • Regional subsidies: each region provides a subsidy for business projects according to specific criteria. So you can find out what opportunities your region offers in the field before starting your business;
  • The business project support contract (CAPE): if the promoter decides to open his foodtruck as a company, he will benefit from the financial or material support of an existing company.

Specific aids and grants

The specific aid and subsidies for launching a foodtruck mainly concern the FISAC and the Kronenbourg foundation. The Fonds d'intervention pour les services, l'artisanat et le commerce (FISAC) remains a support granted to businesses and therefore to foodtruck. To obtain this aid, the project leader must apply to the Chamber of Commerce. The Kronenbourg Foundation grant is mainly intended for entrepreneurs in the restaurant sector. This subsidy allows the entrepreneur to benefit from advantages at bank level.

Thinking about love money or personal finance

Love money is a form of financing that allows the entrepreneur to involve those around him in the creation of his business. This is undoubtedly an easy lever to activate if the promoter has relatives who can lend him money. By opting for this solution, the project owner has a wide margin for financing his activity. With love money, the entrepreneur can quickly obtain large sums of money without having to go through tedious procedures.

On the other hand, a personal contribution can help to launch a foodtruck quickly. When the promoter invests his own funds, he is spared the pressures of loan repayments. Similarly, it protects the entrepreneur from investors who may eat into the capital of the business. The personal contribution also sends positive signals to future investors, as it demonstrates the involvement of the project owner in the development of the foodtruck. However, the entrepreneur should only put up money if he can afford it.



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