When it's hot outside, people look for a cool treat. This simple truth led Eric McCarthy right into the
Baskin Robbins ice cream business.
After a successful career in operations and advertising, Eric wanted to try his hand at a small business. He researched franchise opportunities in the greater Phoenix area, an international tourist destination close to the Grand Canyon. Because of the large tourist industry, Eric sought a globally recognized brand that would appeal to area visitors. Baskin Robbins had that name recognition, and Eric began the process of acquiring four locations in Phoenix, Scottsdale, Chandler, and Gilbert, AZ.
Eric wasn't expecting any difficulty in finding outside funding to supplement his own large capital investment in the franchise acquisitions. He was mistaken. While the big banks all claimed to be "ready to lend," they simply weren't interested in giving money to small businesses. He was turned down time after time, often over the phone, without even being given the opportunity for a face-to-face meeting.
"I was shocked," says Eric, "my personal business experience and cash deposits counted for nothing. I didn't have franchise experience, so their answer was no."
Eric was further surprised to discover that the franchisor itself offered no assistance in the financial aspect of business development. "I was expecting some guidance in locating the necessary funding, but they really left me on my own. The training and operational support was there, but funding was entirely my responsibility," he explained.
During his online research into franchise opportunities, Eric came across Biz2Credit and was intrigued by its expertise in helping small businesses find financing. Having reached his breaking point with the big banks' steady refusals, he gave
Biz2Credit a call.
"I wish I had done it earlier, it would have speeded up opening the shops," he said. "They guided me through the entire process, identified my goals, presented my financials, it was turnkey."
Biz2Credit coordinated a $300,000 loan with . In just three short months, Eric had received the funding he needed to fully capitalize his business. This outside funding, coupled with his own capital investment, allowed him to cover all the costs associated with opening the franchise, from startup fees to inventory. Mountain America Credit Union
"I can't say enough about
Biz2Credit," Eric concludes, "they never gave up, they were positive thinkers from beginning to end and they never stopped working for me."