Food Truck Satisfies as OnDeck Small Business of the Month
NEW YORK, April 29, 2019 /PRNewswire/ -- OnDeck (NYSE: ONDK), the leader in online lending to small business, today announced that Me So Hungry, a food truck business based in California, is its Small Business of the Month for April 2019. Owned by brothers Cory and Mike Ewing, Me So Hungry is the first food truck business to receive the OnDeck recognition.
The mobile food industry has grown in popularity over the last decade as entrepreneurs, local cooks and aspiring restaurateurs see food trucks as an easier and more affordable option than starting a brick and mortar restaurant. By engaging and serving consumers on the streets, they have proven to be a disruptive force. The Food truck industry is now generating more than $2 billion in revenue across the United States.1
Back in 2010 when Cory and Mike started Me So Hungry, they were eager for a new opportunity that leveraged their love of food with a passion for people. While their career backgrounds were different, the brothers loved the concept of working together on a food truck. Cory had spent 15 years as a chef in well-known establishments, such as McCormick and Schmick's and the Four Seasons Hotel. The Le Cordon Bleu Culinary School trained chef longed to own his own food business. And Mike was ready to put his substantial business knowledge to work creating the business.
"The food truck was a wonderful way to combine what we loved to do with a terrific business opportunity. Right away, we loved the sense of mobility that we got with our first truck," says Mike. "We were not stuck at one location and enjoyed the freedom to drive to different places, meeting and serving different people. And luckily, they loved our food!"
With Mike managing business development and operations and Cory acting as the executive chef, Me So Hungry launched in southern California, with the food truck moving from event to event searching for large hungry crowds. Almost right away, there was demand from Los Angeles to Orange County as the gourmet street food menu, featuring organic foods with bold flavors, fiery sauces and unlikely combinations proved a winning alternative.
Responding to strong demand, the Ewing brothers decided to expand in 2014 with a second Me So Hungry food truck in the San Francisco area. They soon realized that they needed financing to cover additional inventory and staff.
"There is a lot that goes into operating a food truck, especially two of them," says Mike. "Even when you are doing well, there are constant bills, payroll and fixed costs to address. And we can't afford downtime. The access to quick and flexible financing is a must."
Mike and Cory found OnDeck online just as their need to access more capital arose. They applied for and received their first term loan in 2014.
"Everything just clicked with OnDeck," says Mike. "Depending on the events and crowd sizes, we occasionally need to purchase additional food and supplies. The OnDeck funds are there for us when we need them."
Today, the Me So Hungry food truck business is going strong and with OnDeck financing for additional inventory and resources, the Ewing brothers have been able to book larger events and festivals, including most recently Coachella.
"The industry definitely has its ups and downs, but recently things have stabilized," says Mike. "We are focused on creating new dishes, booking the right events, making sure we are at the right locations and keeping a good crew together. Our social and digital media presence also helps by letting our customers know where we are going to be."
"The fast growing food truck industry is a phenomenon that has provided tremendous opportunities to hard working small business owners like Mike and Cory," says Andrea Gellert, Chief Revenue Officer, OnDeck. "OnDeck congratulates them on their success and we look forward to continuing to serve the online financing needs of food truck businesses across the United States."
To date, OnDeck has provided more than $1.6 billion in financing online to small business owners in the State of California. The online lender has also been a key financing source for restaurant owners in California, lending more than $114 million online to small business owners in the restaurant and hospitality industry.
For more information on the Me So Hungry Food Trucks, visit: http://mesohungrytruck.com/
The Small Business Spotlight series from OnDeck is designed to highlight and reinforce the vital importance of small businesses. Each month, OnDeck spotlights the achievements of its small business customers and how they are thriving as a result of receiving capital from OnDeck. To learn more about the Ewing brother's small business journey, visit: www.ondeck.com/smallbusinessspotlight
1. Source: Food Truck nation – 2017.
About OnDeckOnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $10 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
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SOURCE On Deck Capital, Inc.