The majority of the grants in the trucking industry are geared toward “green” initiatives. Such grants only aid in defraying the huge price of green trucks and tools, rather than covering the complete price of the truck. Nevertheless, there are a number of grants that can assist you in starting a trucking business.
Although the majority of these grants were not created exclusively for the trucking industry, they still have the potential to offset the initial expenses associated with buying the truck and equipment.
There are new grants that are constantly coming out when it comes to truckers looking for ways to start their own truck companies. There are diverse trucking grants that you may qualify for, you just have to know where to look. Currently, there are over 350 different grants for truck driving schools that you can apply for today.
Truck driver grants may be preferable to loans because you are not required to repay them — it is a grant. Truck driver grants offer financial support to truckers who want to establish a business or lone drivers who are interested in becoming owner-operators.
Sometimes it’s not evident where and how to look for trucking grants. But with adequate guidance, you’ll discover that there are numerous possibilities for obtaining grants to start a trucking enterprise. The greatest merit of applying for grants is that you will be capable of launching a trucking company without incurring debt from the start.
Finding Grants to Start a Trucking Business
The first step to finding grants to start your trucking company is to ensure you have the necessary documentation, CDL, experience, and an idea of how you plan to launch your business. Once you know how to get started, you want to ensure that you have the right business partnerships and the right structure to start with.
One of the first things you want to do is ensure that you have the right setup. One of the first would be to ensure that you take the very first step which is registering your business and getting an EIN. This will create the necessary background that you need to get things going, and then the search for grants that you need for your housing can start right away.
Depending on what type of trucking business you want to start is to take the first step towards making your dream come true. Find the options that you need for the grants you seek. Take your time to ensure that it meets your standards, and take your time to build the right mindset to help you make that happen.
Setting Up Your Business Structure
The right business setup and structure can make all the difference in getting the grants you need for your trucking company. The right business structure basically means the way you set your business up. How do you get it registered to ensure that you are rightly positioned for the grants that you need?
One of the areas that you need is to take the first step to ensure that you get it licensed. The question therefore should be, do you want to register your business as an LLC, a c-corp, s-corp, or how exactly? This is very important as it would create the needed background for ensuring that your company conducts business in all legal ramifications.
When you have done your homework and the know-how you intend to register your business as then you can start to explore opportunities for grants that you can utilize to start your own company.
The first step to doing that is to explore the options that you have in your business and your locality. If you are located in the United States, checking out your county website can help you find the ideal business registration that you need to launch your business.
Applying for the Grants to Launch Your Business
This is the part where you start to find the funding opportunities that you need to start your trucking company. We have listed a number of grants that are readily available for you to apply for today. The first step is ensuring that you have all that you need to thrive.
Grants are the ideal funding that you need for your business, as grants are free money that you do not have to repay. However, you need to meet the grant requirements, grant criteria, and the conditions that are attached to the grant offer. In many cases, the grant issuing agencies may require that you provide them with a plan of what you intend to do with the funding that they are offering.
In other cases, they may need a grant proposal that can spell out how you are going to use the funds, and the effects you are going to have on your community.
7 Grants to Consider for Your Trucking Company
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FedEx Small Business Grant Program
FedEx, one of the well-known companies in logistics, is holding a competition that will offer up to $50,000 in grant funding. The Small Business Grant Contest is really not restricted to trucking companies; it assists business owners in starting or expanding their businesses. There are large number of submissions in this program. Five victors are selected, with special subgroups obtaining supplemental grant funding. Veteran-owned, health services, sustainable development, minority-owned, and young business owner are some of the special subgroups.
Eligibility Requirements
If you want to apply for this grant contest, you should comply with the following requirements:
- You should be a lawful resident of the United States, at least 18 years old, and is permitted to participate in the competition on the company’s behalf (for example, you’re among the owners).
- Your company is based and actually works in the United States, is already selling goods and services for at least six months, and employs fewer than 100 people.
- Your company has all its licenses, permits, and registrations up to date and in good standing.
- FedEx has a valid shipping account for your company
- Your company has a legitimate shipping and printing requirement.
How to Apply
- Arrange your business details including your logo and photos
- Go to the website and sign up for a free FedEx shipping account.
- Start the Application
- Make a powerful profile and a 1-minute video.
The Local Initiatives Support Corporation (LISC)
The Local Initiatives Support Corporations, which are not particularly for trucking companies, offer grants ranging from $5,000 to $20,000. The LISC gives preference to requests from racial minorities, veterans and women-owned enterprises, and corporate entities in underprivileged communities with limited access to funding. Applicants will always live in a community with a population of 50,000 (or less).
Eligibility Requirements
- Candidates would only apply for one company and should be at least 18 years old. Kindly complete this request centered on your biggest company if you own numerous companies. Each grant is only available to one person or company.
- Emphasis will be granted to business owners of color, women and veteran-owned enterprises, and other businesses in traditionally underrepresented areas that lack access to a wide range, inexpensive funding.
- All winners will be required to prove that they are working towards a common goal in the community and have been affected adversely by the Covid-19 downturn.
Non-profit groups are not able to qualify for this type of relief funding.
How to Apply
To apply, visit https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/
The USDA Rural Business Development Grant
The United States Department of Agriculture assists rural trucking businesses and owner-operators in improving their businesses and, as a result, the neighborhoods they serve. The USDA homepage does not determine the lowest possible or highest grant amount, but it really does state that smaller grants are prioritized. It offers two kinds of grants: business grants and opportunity grants. The first is intended for new and small enterprises to do the following:
- Technical education
- Procure or improve land
- Procure or improve equipment or machinery
- Enhance rural transportation
- Revolving loan funds should be capitalized.
Eligibility Requirements
Qualified candidates include rural governmental entities; aside from that, there are no further criteria at the national level.
How to Apply
By choosing the correct state from the drop-down list on the program homepage, candidates can see the state-specific application deadlines and program email address. Every year, program timelines differ by state and are officially confirmed. Requests can sometimes be forwarded through local or state USDA Rural Development offices.
The National Association for the Self-Employed (NASE)
Through the Growth Grant, the National Association for the Self-Employed (NASE) offers persons in good standing the chance to finance the growth of their trucking enterprise. The award is worth up to $4,000 and will assist owner-operators in hiring more employees, funding marketing initiatives, or purchasing new gear. As a result, it is not restricted to trucking businesses.
Eligibility Requirements
- You must be an active NASE member.
- Show that you have a precise need for the grant.
- Give a detailed elaboration of how your company intends to use the funds.
- Display how a grant would help your company’s survival and prosperity, and provide supporting documentation.
How to Apply
To apply, go to the NASE Growth Grant website and fill out the required forms.
Nav, like NASE, offers a small business grant that is not restricted to truckers. However, the grant does seem to be bigger, totaling $10,000. The grant is structured as a contest, with a first-place winner and two runners-up each receiving $5,000. Winners are determined by popular vote. Previous grant recipients, such as Roseland Logistics, have used their funds to purchase new trucks.
Eligibility Requirements
- You are a citizen of the United States or Canada.
- As a self-employed participant (or owner-operator of a modest farm/ranch), your main job emerges on your IRS Schedule C.
- Your company was incorporated for at least a year and has an annual revenue of $50,000 or less.
- Your company has a legally binding agreement with Nav to provide loan products and services.
- You forwarded a written request and were approved by Nav.
- Your business has no outstanding loans or lines of credit with Nav.
- You are not a banned investor under either the US or Canadian securities laws.
How to Apply
What you need to apply for the Nav Small Business Grant is your company name, contact details (such as address), the goods or services you want, and your projected monthly income bracket. Nav will swiftly evaluate your request after you send it to guarantee the correctness of the data submitted. If all checks out, including your projected revenue, your grant application will be endorsed, and funds will be forwarded straight to your bank account within days.
6. Zero-Emission Drayage Truck and Infrastructure Pilot Project Grant
The Zero-Emission Drayage Truck and Infrastructure Pilot Project Grant is a grant funding program that provides grant funding for new truck business owners. This grant provides grant funding to enable truck business owners to purchase environmentally friendly trucks for their inventory.
The process for applying for the grant has been made accessible for new business owners who are looking for funds to help them get their trucking businesses started. This grant program also includes those who may not have the funds to purchase their first trucks, but have a registered business and are ready to launch.
The process takes only a couple of minutes to complete. You have to provide your business registration information and a detailed grant proposal to help you secure the grants that you need to get started. Once you are ready and have all the required documentation, click the link below to apply now.
7. EERE Funding Opportunity Exchange Grant
The EERE Funding Opportunity Exchange Grant program is yet another grant program specifically tailored to new truck business owners to enable them to fund their trucking programs. If you are just starting your trucking business, this grant program is a great place to start your funding journey.
There are several other grants like this one that can help you get your business started. Finding grants for your trucking business can be a thing of the past if you know just where to look to find the grants that you need. We have made the process easier by ensuring that we keep our grant database updated regularly to help you find the latest grants.
To apply for the EERE Funding Opportunity Exchange Grant program, ensure that you have a registered business, and can provide the relevant licenses required to run a trucking business in your location. The process is accessible for both new business owners and those who already have established trucking businesses.
Conclusion
Truck driver grants enable professional drivers to get started in the business with as few as one truck. There are possibilities for advancement via additional grants for owner-operator truck drivers. Receiving a grant to start your trucking company can help you handle all the essential licenses and even the hardware required for making your first runs.
