What exactly is Franchise Funding meant for?
Franchise Funding is exactly what it sounds like – it’s a special type of loan or line of credit that is geared towards people who are buying a franchise, or expanding their franchise operations. It can also be used to purchase new equipment, to remodel a current franchise location, and much more.
Can this be used to fund start-ups?
Yes! Startup funding is available!
How much can I borrow?
This all depends on a number of factors, but the loans can vary from $150,000 to upwards of $2 million.
Do I need collateral?
Typically, no. However, if you do offer collateral on your application, it will improve your chances of being accepted and getting a great rate.
What kind of franchises are eligible for this kind of funding?
Our lenders have worked with just about every kind of franchise industry you could imagine. We’ve seen them provide Franchise Funding to hotels, restaurants, cleaning businesses, tax centers, gyms, and retail stores – just to name a few! It’s safe to assume that we’ll have a lender who can get you quality Franchise Funding services, regardless of which industry you’re here to tackle.
I need to re-image my franchise. Can you help?
A lot of franchises experience serious difficulty finding the capital needed for reimaging. Finance Fitness GYM can help with your reimaging journey by creating a custom-tailored funding program with your budget and goals in mind. We’re always proud to offer financing for remodeling, updating, and modernizing franchisees at low, low rates.
How do I get approved?
This is a four step process … First, we will hold a consultation with you so that we can figure out how much money you need to borrow, what your goals in mind are with this financing, and what franchise you’re with. Next, we will do an initial due diligence session with you. This will give us a good idea of what issues we may need to address, as well as the quantitative financials behind your franchise. We may require unit economic data, or to have an interview with the current managers of your franchise during this step. Once you’re approved, we’ll send over all the documentation and finalize everything with both you and the lenders. We then collaborate with your franchisor to create the customized financing system you need.
Are there any geographical limitations involved?
Nope! As long as the business is being operated in one of the 50 US states, you’re good to go.
Are there any reporting requirements I need to abide by?
Yes, you will need to give the lender a quarterly update on the profits of your company.
How long does it take to find out my approval status?
You can typically find out the final decision after 7 to 10 business days after you’ve submitted your completed loan package.
How long do the terms last?
Usually, it’s a 10 year loan.
Tell me about the interest rates.
Depending on what kind of loans you are accepted for, the interest rates can be either variable or fixed. Rates often beat banks’ offerings, especially for folks who do not always have the best credit score. Unfortunately, because of the huge range of loans we offer, we can’t really give an accurate range of interest rates in general.
Do I need an attorney’s assistance?
It’s never harmful to speak with an attorney regarding personal and business matters, and often times, it may be the best thing you can do if you think that an attorney’s advice can help you. Although we aren’t a law firm and we cannot provide anyone with any legal advice, you are more than welcome to speak with an attorney that we use for our company. We truly want to get familiar with our clients, and help them in any way we can. Simply send an email to firstname.lastname@example.org and we’ll be sure to forward it.
Still need help? If you have a question that isn’t answered here, or if you feel like you could use advice when it comes to the best route of financing for your business, we are here to help you make the best choice for your company! You may call us at 833-FINANCE or email: email@example.com. You’re also more than welcome to visit our office. Evening and weekend appointments are available.