LiftFund is a nonprofit organization that provides small business loans and financial training to underserved entrepreneurs, especially those who may not qualify for traditional bank loans.
Founded in 1994 and based in San Antonio, Texas, LiftFund supports small businesses across 15 states in the U.S., including Texas, Alabama, and Florida.
The organization focuses on empowering minority, women-owned, and veteran businesses, helping them start or grow their operations through affordable capital and personalized support.
LiftFund offers a range of loan products, from microloans to SBA 7(a) community advantage loans, and often partners with local governments and institutions to support community development.
In addition to lending, they provide business education, credit-building assistance, and mentorship.
Their goal is to remove financial barriers and promote economic inclusion by equipping entrepreneurs with the resources they need to succeed.
Application Process for Getting Food Truck Startup Loans from LiftFund
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Preparation
- Define your business goals and financial needs: Determine how much funding you require for your food truck (e.g., equipment, vehicle retrofit, permits).
- Gather personal and business financial information, like credit history, bank statements (at least 3 months for QuickFunds), tax returns, and a clear breakdown of startup costs.
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Assessment & Application
- Start with LiftFund’s online readiness quiz. It won’t affect your credit score and takes about 15 minutes.
- Choose the appropriate product: QuickFunds (up to $30K, ~14.5% fixed rate, decision within ~5 days) or larger SBA-backed loans for real estate/equipment.
- Upload required documents: personal and business info, financial statements, co-borrowers (if any), and references.
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Underwriting & Decision
- Loan officers review eligibility, creditworthiness, and business viability. They may request additional information during underwriting.
- For QuickFunds, decisions can arrive in as little as 5 days; SBA loans typically take longer, depending on loan complexity.
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Funding & Follow-Up
- If approved, funds are deposited into your account or directed to vendors (like truck suppliers or equipment vendors).
- LiftFund offers ongoing support, optional business counseling, and education to help you manage and grow your food truck.
Benefits & Things to Note
- Fast access: QuickFunds delivers funding in about 5 days with minimal paperwork
- Flexible loan products: From microloans to SBA-backed financing (e.g., equipment & real estate).
- Supportive approach: Personalized guidance and education are available throughout your entrepreneurial journey.
Requirements for Getting Food Truck Startup Loans from LiftFund
Eligibility & Loan Options
- State eligibility: Serves small businesses in select states (e.g., TX, AL, FL, etc.)—confirm if your location is covered.
- Loan product: QuickFunds (up to $30K, fixed 14.5%) for working capital, truck/equipment, and leasehold improvements.
Documentation Required
- Minimum 3 months of financial history (bank statements)—preferably submitted via their automated system.
- Detailed startup budget or capital request, outlining how you’ll use and source funds.
- Personal financials: Tax returns, credit history, possibly a personal financial statement to assess repayment ability.
Collateral & Underwriting
- Collateral required: Loans are secured, often with equipment or other business assets.
- Credit review: Though flexible, creditworthiness is evaluated alongside business viability—underwriters may request additional documentation.
Application Process
- Online pre‑assessment (15-minute survey, no credit impact)
- Submit application with all supporting documents
- Underwriting & decision—QuickFunds typically decides within 5 days; larger SBA‑backed loans may take longer.
Summary Table
| Requirement | Details |
| Location eligibility | Select states (e.g., TX, AL, FL…) |
| Loan Product | QuickFunds up to $30K |
| Financial History | ≥3 months of bank statements |
| Startup Budget | Detailed capital request |
| Personal Financial Info | Tax returns, credit score |
| Collateral | Required (e.g., truck, equipment) |
| Application Process | Pre-assessment → Apply → Decision (~5 days) |
By preparing these documents and collateral in advance—and confirming your service area—you’ll be well-positioned to secure a quick, easy food-truck loan with LiftFund.