Motor Carrier Safety Assistance Program Grant
The Motor Carrier Safety Assistance Program is a Federal formula grant program that provides financial assistance to States, including the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, and the U.S. Virgin Islands to reduce the number and severity of crashes and hazardous material incidents involving commercial motor vehicles . Specifically, only the State lead agency is eligible to apply for MCSAP grant funding.
National Safety Code / Motor Carrier Safety Fitness Certificate Regulations
Under the National Safety Code and in line with the Motor Vehicle Transport Act, federally regulated motor carriers crossing provincial or international borders should acquire a safety fitness certificate before operating on Canadian roads.
This set of regulations also establishes jurisdictions standards to release or withdraw the said certificate from motor carriers.
Apply for a safety fitness certificate under provincial law if you meet these criteria:
- Operating within your base province only
- Driving commercial vehicles with a registered weight of at least 11,794 kilograms and
- Using a commercial motor vehicle with a manufacturers seating capacity designed originally for 11 persons or more, driver included.
- On the other hand, you can apply for a safety fitness certificate under federal law if you satisfy these conditions:
- Driving commercial motor vehicles across several provinces, territories, or states
- Operating a truck, trailer, or a combination of these motor vehicles with a registered weight exceeding 4,500 kilograms and
- Driving commercial vehicles with a seating capacity originally intended for at least 11 persons, including the driver.
Check with your provincial offices for the exact application requirements and fees needed to obtain your motor carrier safety fitness certificate.
Are There Any Downsides To Business Grants
A variety of factors make many business owners skeptical of the free money that business grants offer. While every grant has a different application period, rules, terms, and conditions, here are some potential downsides you should keep in mind when applying.
As mentioned above, business grant funds are taxable income for IRS purposes. The funds will still be free money for your business, but you will need to make sure you dont spend the entire payout without planning for the added income in your tax bill.
Business grant applications take time. Youre already a time-crunched business owner wearing a million hats, do you really have time to apply for every business grant opportunity you come across? Its a valid complaint about business grants. The likelihood of winning the grant can be small depending on the size of the contest, so you have to make your own cost/benefit analysis to figure out if your most precious asset time is worth it.
Small business grants may require campaigning. Many business grants require a social media component, where you campaign or share something publicly about your grant application. Thats not necessarily a negative if you have an active and vocal social media following, but campaigning does take additional time and some business owners may understandably not want to be as public about their search for money.
This article was originally written on November 19, 2019 and updated on August 23, 2021.
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Other Financing Resources For Trucking Companies
Grants can be a helpful source of capital for starting or growing a business, especially if youre wondering how to start a trucking company with no money. However, most trucking companies will likely need additional financing to buy equipment, hire new employees, and take their business to the next level. Lets take a closer look at some options and when they may be a good fit for a trucking business.
Be A Licensed Truck Driver
The first step is to become a truck driver if youre thinking about starting your truck company from the start. The truck driving school is treated just like any other trade school in relation. Pell scholarships, scholarships, and federal student loans can be obtained through the Free Application for Student Aid, through the Workforce Investment Act grants or other applications. The ideal place to begin is the truck schools financial aid office youre contemplating. Office staff will be familiar with the applications that students have used.
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Where To Get Grants To Start A Trucking Company
Nothing is better than being your boss. You can also become your boss by starting your own trucking company. Starting a new business needs lots of finance. For someone who isnt capable of holding so much money, there are grants to start a trucking company. These grants help and support budding businessmen by helping them with these grants and loans.
- The U.S. Small Business Administration:
The U.S. Small Business Administration or popularly known as SBA provides grants to start a trucking company to those budding businessmen who show real talent and skill to run a business like this. It works with the government bodies that handle grants and loans department. Financing trucking companies is handled by this wing of the government.
The SBA ensures that small businesses and new businesses dont die out due to the lack of financial resources. It promises to aid such small and rookie businessmen who have just started with their businesses. There are various ways in which the SBA helps new businessmen.
It not only provides government grants for truck drivers but for those who wish to start a new trucking business knowledge is also imparted. The SBA 8 Business Development Program helps the new businessmen by mentoring them and counseling them regarding the business for free. The SBA does have a variety of grants to start a trucking company.
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- Supplier Development Council:
- Become a Government Contractor:
How To Get Food Truck Loans
Food truck grants and government grants for food trucks might take up a little more time than expected to provide you funds that you require to start or run your food truck business. The solution to this problem is food truck loans. Food truck loans are provided rather more easily and speedily in comparison to the food truck grants and the government grants for food trucks. Read along to know more about how can you get yourself quick food truck loans.
- Personal loans:
Almost all the banks and credit unions provide some kind of personal loans. Personal loans take your credit score and personal credit history into consideration before approval and after that, you are provided with the required food truck loans taking into account the current interest rates. Rates can vary significantly according to the creditworthiness of the applicant, this means that if the applicant has good to excellent credits then he or she would be provided food truck loans at quite favorable rates.
Lightstream is a preferred channel to get personal food truck loans. Eligible applicants can get low rates and no fees as well. An additional benefit of applying at Lightstream is that the companys rate beat program offers loans at 0.10 percentage less rates than any other company. There are no late fees levied on you if you by mistake get late in the payment of the loan. It also gives you 24-144 months to repay the loan depending on the amount of the loan and your capacity for repaying the loan.
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What Is A Business Grant
A grant is financial assistance that is given to a person, business, nonprofit, or corporation from federal, state, county, or local governments, or private businesses or corporations. There are a number of companies, nonprofits, and government agencies providing essentially free money to small business owners in the form of a small business grant. And the best part? Grants do not require repayment of any kind.
How To Start A Trucking Business In Canada
Statistics reveal that the Canadian trucking industry delivers over 66 million shipments and generates more than CAD 39 billion annually.
The figures show how lucrative having a Canadian trucking business can be and why you shouldnt think twice about starting your own trucking venture.
Whats more, running a trucking business has truckloads of meaningful benefits: You can make great money, have more personal time, and the opportunity for growth is massive.
If youre sold to the idea of having your own trucking venture and wondering how to start a trucking business in Canada, then continue reading. This guide covers the crucial points you need to start your own trucking business, such as the requirements, processes, costs to consider, etc.
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Usda Rural Business Development Grants
The USDA Rural Business Development Grant program provides technical assistance and training for rural businesses with fewer than 50 new workers and less than $1 million in gross revenue. Rural areas are defined as communities outside the urbanized periphery of any city with a population of 50,000 or more. Funding can be used for a variety of purposes relevant to trucking companies, including a revolving loan fund for start-ups, equipment acquisition, and leadership training.
Although grant funding is used to support small businesses, private companies cannot apply directly to the USDA for funding. Instead, municipalities, nonprofit organizations, state agencies, higher education institutions, and federally-recognized tribes must apply to then allocate funding to businesses in their community.
Fedex Small Business Grant Contest
Those who have a compelling story may want to check out the FedEx Small Business Grant Contest. Ten finalists win up to $50,000 to put toward their businesses. Youll just need to tell your unique story and make it compelling enough to beat out the other entries. Finalists are narrowed down to a group of 100.
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Conduct Market Research And Feasibility Studies
- Demographics and Psychographics
The demographic and psychographic composition of those who hire the services of owner operator trucking companies is not restricted to construction companies and building material sales companies. There is a wide range of both corporate and individual clients who cannot successfully move their goods, machines, equipment and dirt without hiring the services of a standard and licensed owner operator truck company.
As a matter of fact, the target market for owner operator trucking companies should involve Merchants and Warehouse Operators, Retailers who would want to move their goods from one location to another, Manufacturers , Households who would want to move from one apartment to another, Corporate organizations who would want to move from one office to another, Government agencies who have cause to move goods and materials from one location to another location, Non Profit and Charity organizations who have cause to move goods and materials from one location to another, amongst others.
So, if you are looking towards defining the demographics of your owner operator trucking company, then you should make it all encompassing.
Select The Industry That You Are In
Much like selecting your location of your business, selecting the industry that youare in is critical.
Many government funding programs focus specifically on funding just thoseindustries so its important to select the industry that you are in as a criteria filter.
Keep in mind that many businesses can fit into multiple industries.
As a Trucking Company Business business, you may have to select multiple industries in order tofind all available government grant, government loan and other governmentfunding options.
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Shuttered Venue Operators Grants
The Shuttered Venue Operator Grant program has closed, but the SBA says that it will open the program for supplemental SVOGs for 50% of the original award amount, capped at a total of $10 million.
Those eligible businesses include:
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators, or
- Talent representatives
Good For: R& d Companies
The DoD offers grants to small businesses through the STTR program and a number of other initiatives, like the Defense Enterprise Science Initiative. The Office of Naval Research, the Air Force Office, and the U.S. Army Research Institute are all looking for research and development of technology that will help them reach their goals.
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Calculate Startup Costs And Plan For Funding Sources
Trucking startup expenses can vary depending on which Canadian territories or provinces you will primarily operate in and travel through.
Consider the following business needs when calculating your expenses for opening your trucking company in Canada:
- Registration, permits, and licenses. Check with your local jurisdictions to get the exact figure for every requirement.
- Commercial vehicles for your fleet. Get the average cost of the kind of motor vehicle you want to operate, and multiply it by the number of trucks you want to get upon launching your business.
Identify your trucks hauling capacities and horsepower and the range of model years youll willingly consider for your business.
If you have sufficient startup capital, you can even decide to buy new trucks with extended warranties to lengthen your asset lifespan. If you prefer saving up your funds, find five- to 10-year old vehicles.
Explore truck dealerships in your location and request price quotes on truck models youre eyeing to get. You can ask for further discounts for procuring more than one truck in a single purchase.
You can even kick off by hiring owner-operators and building your company-owned fleet as you generate bigger revenues.
Sba 8 Business Development
The SBA 8 program is not a grant of funds, but it may be extremely beneficial to a new business owner. If your application for enrollment is accepted, you will receive mentoring and counseling for free, plus the mentor may have contacts that will be helpful to you in your quest for funding. This is particularly applicable if your strategy is to secure a government contract and use it to pay for your startup expenses. In addition, the SBA does have a variety of loan programs available to its members.
References
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National Association For The Self
Many trucking business owners are self-employed unless they formed a corporation for their enterprise. If youre a member of the National Association for the Self-Employed in good standing, you may apply for a Growth Grant for your trucking company. Winners are chosen each month and awarded $4,000 to expand their business venture. New NASE members are eligible to apply 90 days after joining.
How To Start A Trucking Company With No Money
Is it possible to start a trucking company with no money? You can start a trucking company at least with other peoples money.
In other words, starting a trucking company is possible with no money of your own. This is what well be discussing as we seek to show you just what you need.
There are successful trucking companies today who started the same way . I know you cant wait to find out how.
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Small Business Development Centers
Once youve exhausted your searches for grants from federal agencies, the next stop on your list should be local and state business grants. You may be able to hit paydirt and find some of these on your own, but theres a free, local resource that may help.
Small Business Development Centers are a business owners best friend. Local, regional, state, and national offices mentor small business owners and help them understand business financing options, craft marketing strategies, and connect to other local business owners .
One thing they can help with is navigating the grant process. Very few people have as much visibility as SBDC advisors do on the local business grant scene. Its the one appointment you cant afford not to make when searching for small business grants.
Private Funding For Businesses
When you turn to private funding to obtain capital for your business forward, you’re taking a giant step toward your business’ success.
Our Small Business Funding Database provides you with access to 862 private funding sources. These sources include angel investors, venture capitalists and banks. Getting your small business funded is your primary concern, so we try to provide you with a wide variety of funding sources to dramatically improve your opportunities for success.
Just like government funding, private funding sources fund businesses in pretty much all industries, all across Canada and for various purposes. Sometimes, private funding can prove to be a better option that offers many advantages that can’t be accessed when applying for funding through the government. Take some time to familiarize yourself with private funding and see what it can do for your small business goals.
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Select What You Need The Funds For
Most government funding programs are very specific as to what they cover as an expense.
As a Trucking Company Business, you want to ensure that you list the funding needs you have . Keep in mind that you may need funding for multiple things, so be sure to list those out as you start your funding search.
Government Grants For Commercial Trucking
Image by Flickr.com, courtesy of Buck
Commercial trucking companies are part of the US economic infrastructure, moving goods across the United States 365 days a year. There are no direct government grants for commercial trucking companies, however there are federally-funded grant programs to help commercial trucking companies obtain the financing needed to operate their businesses.
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Work Out A Reasonable Pricing For Your Services & Products
One key factor that will help you offer your trucking services at a price that is highly attractive is to ensure that you source your startup capital from sources that wont put pressure on you or give you high interest rate.
Another strategy that will help you offer your trucking services at the right price is to ensure that you cut operational cost to the barest minimum , and channel your efforts towards marketing and promoting your brand name. Asides from the fact that this strategy will help you save cost, it will also help you get the right pricing for your products and services.
You can also try as much as possible to work with independent contractors and marketers it will help you save cost of paying sales and marketing executives.
