How Truck Finance saved a Failing Food Business

1. How Truck Finance saved a Failing Food Business James Williams grew up on the food truck run by his father. It was a family business, and as soon as James was of age he took over it. He had no issues taking up the role because he loved their food business, which his father had started from scratch. However, things started going downhill after his father passed away. Then came COVID. Due to the pandemic restrictions, his sales went under. He tried to improvise, starting a delivery service, but that did not work out. So, more money was lost. James was at the edge of his bearings, on the verge of closing down his food truck business. But, remembering his father and how he had established the business steeled his will to revive the food truck. After much consideration, he understood that the business plan and approach needed revamping, and they needed a new truck for that. That’s when he reached out to Broc Finance for truck finance. How Broc Finance Helped James with his Truck Finance The food truck had been running for decades now. It was not in great shape. So, the changes he wanted in terms of new cooking set-up, burners, etc., would require some serious work. When he appraised his food truck James received advice of getting a new truck instead of repairing and revamping the old one.

2. After going through multiple lenders who could not provide him with the required funds, James reached out to us. He stated his requirements, and we conducted a complete assessment of his credit score, the present financial status of the business, and future projections. After everything, we suggested a truck finance amount of $150,000 for a loan term of 5 years. He could start with that and then apply for small-term loans to suffice his business expansion needs. For loan processing, he submitted the necessary financial documents. He was having issues with his credit score, and his financial stability was not at its finest. Nevertheless, we succeeded in making a case out of it. Then our search started for a lender who would agree to the terms we had set for James’ truck finance loan application. We did not have to search for loans, as we found the perfect lender who agreed to all the terms and offered a favourable interest rate and repayment term. After reaching out to us, we got him the funds in a few days. How it Worked out for James It’s been almost a year since we facilitated the truck finance for James. Using the loan amount, he got a new truck and got it customized for his business needs. He relaunched his father’s food truck business, setting a new route and getting new permits for selling his food. By doing all that, he was able to revive and replenish his failing family business. These days James is making significant profits from the business. His repayments are regular, without any delay and thanks to that he has managed to improve his credit score as well. James now plans to buy a few more trucks to expand the business and maybe start a franchise in the future. It's still under wraps, but when that happens we will be here to help him with business financing as we did before.