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A solid niche for cash Small business, big needs

A new truck fully outfitted with ov-
advance products ens, refrigeration, lighting, counters
and sinks can cost $100,000. Market-
By Steven Feldshuh ing a business for corporate events
and private parties and obtaining
Merchants' Choice Payment Solutions East prime business lunch or dinner spots
add to these costs. Employee wages,
e have all seen them lined up in busy business districts, at ball- insurance, required permits, sanita-
parks, or corporate events and private parties. We tend to love tion and frequent repairs addition-
the aroma emanating from these vehicles, and our stomachs ally take away from the profits. These
W welcome them. Yes, I am talking about food trucks: fast food on businesses can't run on a shoestring,
wheels so many of us gravitate to. and capital reserves are simply a
good business practice. Branding
There are trucks for pizza, ice cream, barbeque, popcorn, lobsters and pretty your truck and getting recognition
much any food you can imagine. Entrepreneurs running such small businesses or publicity also add to overall costs.
are testing their cooking skills, or concept, in order to graduate to storefronts. So, though the entry into this world
Or they're business people who realize they can develop a much larger business of dining is less costly than a tradi-
with a fleet of trucks selling multiple food items based on the items' success. tional restaurant, the investment and
Some of them dream of franchising. ongoing need for food truck business
loans is always there.
But like any business, significant capital is required. It's true these businesses
on wheels don't have the rent a storefront comes with, or the utilities needed Food truck owners are forced to work
to operate a storefront, but they still always need cash. They also face the same with cash advance providers for busi-
cash flow issues storefront businesses deal with. ness funding. Banks typically make
it difficult for restaurants to borrow
funds for their businesses. As we
know, unless you put up collateral
it is almost impossible today to get
a personal loan. So the typical bank
solution is giving a business owner a
credit card, which just doesn't work.
There are a number of quality com-
panies in the cash advance space. The
beauty of cash advances is that the
business owner has minimum pa-
perwork, and if cash flow is positive
in their checking accounts, they can
qualify to receive this type of short-
term financing.
Food trucks, restaurants and most
prepared-food outlets work on a very
high mark-up, and despite their high
cost, cash advances don't prove to be a
burden to repay. Food truck business
loans can be the difference between
making it or breaking it for many of
these small entrepreneurs.
Steven Feldshuh, President of Merchants'
Choice Payment Solutions East, has 18 years'
experience in sales and ISO development.
Directly prior to joining MCPSE in 2012, he was
President of Payment Partners. In his current
position, Steven devotes the bulk of his time
to assisting agents in building their portfolios.
Contact him by email at stevenf@mcpseast.
com or by phone at 212-392-9202.
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