Franchise business loans in 60 days for people that qualify скачать в хорошем качестве

Franchise business loans in 60 days for people that qualify

Most people who buy a franchise do not write a check from their savings to pay for the business. They get a business loan. Franchises that cost under $50,000 may, in fact, be paid for out of savings, but most franchise investments exceed $150,000, and most people who make those investments will require some help from a bank, a leasing company, another lender, or a combination of lenders. Getting a business loan may be easier than you think Unfortunately, when people realize they don’t have enough money to buy a franchise, many of them give up because they think they won’t qualify for a business loan. But today, getting a loan with backing from the Small Business Administration (SBA) is easier than most people think. And if you qualify, you’ll get your money in less than 60 days, and sometimes much faster. Historically, the SBA has favored franchised businesses for a couple of good reasons. First, franchising has a strong record of success. And that’s because franchisors eliminate the majority of the unknowns in operating a business. They do so by providing a proven system and requiring franchisees to follow it. When franchisees follow their franchisor’s directives, it’s a good bet that the franchisee will succeed. SBA is willing to take that bet every day. Second, the SBA has a tool that provides a terrific advantage. It’s called the Franchise Registry. Once SBA guarantees a business loan for a franchisee, the franchisor becomes part of the registry. SBA tracks the performance of business loans and based on results rates the franchisor’s overall performance. When too many franchisees from the same franchise company fail to repay their loans, SBA will likely strike that franchisor from the list. At that point, SBA stops guaranteeing business loans for that franchise brand. Business loans from 44 Business Capital While there are many lenders across the USA who can produce business loans for franchisees, Dr. John P. Hayes recently interviewed Jeff Sherry, senior vice president at 44 Business Capital based in Philadelphia, Pa. 44 Business Capital is a division of Berkshire Bank and an SBA preferred lending provider. Follow the checklist to get a business loan This 30-minute interview may be exactly what you need to help you pursue a business loan to buy a franchise. Find out: • Why you want to choose a preferred lending provider when seeking an SBA business loan. • How 44 Capital underwrites the franchisor before considering awarding you a business loan. • Sherry’s favorite money-producing restaurant franchise. • Who’s not a good candidate for a business loan. • How you can get a business plan produced in your local community. • Why it makes sense to talk to a lender even before you select a franchise to buy. • How much capital you’ll need to get a business loan. • Which franchise businesses are “hot” today. • And much more. When you work with 44 Business Capital, you’ll get a checklist to follow. The checklist shows you exactly what you need to do to qualify for a business loan. Follow the checklist and the entire business loan process is less intimidating and painful. Systems delight lenders, too Of course, if you don’t follow the checklist, that’s a pretty good indicator that you won’t follow a franchisor’s system, either. And in that case, you’re better off not getting a business loan or buying a franchise. Sherry points out that he loves systems, but of course what he means is that he loves when a franchisee follows a franchisor’s system because doing so enables the franchisee to pay off the business loan. And, when franchisees pay off one loan, they often apply for a second and a third because many franchisees want to own multiple units or concepts. SBA seems to prefer guaranteeing loans for businesses that operate by a system, so if you plan to buy a franchise, and you’re going to need some financial help to do so, this interview provides a basic education to help you get a business loan. For more information, visit howtobuyafranchise.com. Contact: Scott White scottwhite@bizcompr.com John Hayes Jr. johnjr@howtobuyafranchise.com