Owning a franchise continues to be a popular way to achieve business ownership.” It is a great way to have the flexibility and independence of being a small business owner along with the support of a larger corporation. In fact, about one in seven U. S. businesses is a franchise. As English actor and film producer Andrew Brooke said, “The beauty of the franchise is that people buy a brand and a system. With a franchise, you pay a fraction of what it would cost to do it on your own.” However, owning a franchise requires work and does require funding. As Gordon Hinckley stated: “Without hard work, nothing grows but weeds.
Where to Get Franchise Financing
Consider these franchise financing options:
- Franchise financing should start with a discussion about financial assistance and funding solutions from the prospective franchisor.
- A traditional commercial bank loan.
- An SBA loan, a loan that is backed by the Small Business Administration and funded by various lending partners. This is one of the most common and most desirable loan options due to their lower interest rates and longer repayment terms.
- Franchise financing companies that specialize in the franchise industry.
- Alternative lenders. These may offer options including equipment financing, business lines of credit, and term loans.
How to Get Approved for a Loan
- Determine your net worth.
- Demonstrate a stable tenure and success in your employment record.
- Demonstrate that you have lived within your income.
- Show a solid track record in paying off debts.
- Have a good credit record.
- Develop a thorough and well-thought-out business plan.
- Apply to more than one lender.
- Make it clear that you are committed to the business.
Seek Expert Franchise Financing Assistance
Contact Infinity Lending Solutions, based in Lubbock, TX for high-quality commercial finance products. We offer a wide selection of loans and funding options to support businesses of all sizes. Our expert team is ready to guide you to the best financial options for your business.