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504 Loan Helps Keep Food Truck Manufacturer on a Roll

Dec 2012

To look at a modern day food truck, it would not resemble the typical neighborhood ice cream truck of yesteryear. Where trucks have been used for retail food delivery for the last 100 years, only recently have they been converted for use as sophisticated restaurants-on-wheels.

Fed by reality TV shows, social media and a demand for increasingly creative trucks and food, the nation's street vendor market has grown into a $1 billion industry.

M&R Specialty Trailers and Trucks of Jacksonville, Florida, is capitalizing on the business of customizing food trucks and trailers to feed the public's insatiable appetite for mobile food. The company produces custom kitchens for venders across the country including Hawaii.

For over 15 years, M&R has been a recognized innovator and fabricator of concession trucks and trailers as well as custom and utility trailers and mobile BBQ smokers. They have built a solid reputation for quality with extra effort given to structure and design, guaranteeing safety and long life for every product they make.

Having outgrown their leased facilities, Paul Pierson and Willis Richard were ready to take their operation to a new level and recently turned to the 504 Loan Program and Florida First Capital as the recognized leader in expansion financing in Florida.

With the acquisition of three parcels of land and a 12,000 square foot existing commercial warehouse and office building, M&R was assured it would have the room needed to expand current operations as well as ample reserves for future growth.

“The 504 loan program provided an extremely attractive finance package that featured a low fixed rate, extended terms and a low down payment which allowed the company to preserve valuable working capital for ongoing and future operations,” said Kristen Tackett, Florida First Capital Vice President and Loan Officer for Northeast Florida. “This local manufacturer has diversified its operations and can now reap the benefits of property ownership through smarter expansion financing,” she said.

M&R isn't just stopping at custom trucks and trailers. The company recently has seen tremendous growth in its newest revenue producer, self contained commercial grow units for raising organic fruits, vegetables and herbs. With the overuse of farmland and more and more land being used for other purposes, the demand for grow units is on the rise with an unlimited upside for the company.

Check out M&R Specialty Trailers and Trucks at www.mr-trailers.com.

For more information about SBA 504 loans in Florida, contact Florida First Capital, Florida's original statewide SBA Certified Development Company (CDC). Email: info@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504