Most people want to get started in a franchise but lack the necessary funds to begin. I am here to provide two powerful funding strategies that can help you jumpstart you into owning a franchise for $5K or less.
The first strategy includes a loan program, that the Small Business Administration offers, called the SBA 7A Express loan. This program will allow you to borrow as high as $150K of unsecured capital. You would have to contribute 10% of your own unborrowed funds towards the total loan amount.
Therefore, if you target your search to $50K or less, you would need to contribute $5K down and the bank would lend the rest of the capital. You would need a credit score of 680 or higher and it only takes a few weeks to fund this amount. We use this strategy very frequently and we help our clients with the necessary paperwork that the bank requires.
The second strategy includes targeting franchise companies that provide in-house financing. Most franchisors don’t publish this “perk” on their websites but we work with several large, well-established brands that offer, as high as 80% in-house financing, and some of these franchise companies may not charge any interest. Additionally, the credit score requirements are not quite as stringent as the SBA requirements.
These 2 strategies will help catapult you into your business sooner than you think. So don’t allow a lack of capital to hold you back.
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Sue Bennett is the Co-Founder of FranFinders, a franchise consultancy and funding group.
At FranFinders, we are more than franchise consultants. We are “Your Partners.” Throughout your franchise search, from the Initial Call to your Grand Opening, we are with you “Every Step of the Way.”
By partnering with us, you get our Experience, Knowledge and proven 10 Step Franchise-Buying Process that will bring Clarity and Direction to your franchise search. Gain Confidence, knowing that you are partnering with professionals.
