An entrepreneur owns and operates 10 franchises in New York with total annual revenues for 2007 around $25 million. The franchisee is looking to expand nationally.
The small business owner needs money quickly and at a low rate to open a new store and purchase equipment for existing operations.
After reviewing the business and personal financials of the entrepreneur, Biz2Credit recommended taking a secured a line of credit against the strength of an existing store and the personal credit and net worth of the owner. A line of credit gave the franchisee the flexibility to use the money at any time, and not worry about incurring interest on the unused loan portion.
Biz2credit located a secured line of credit, specifically geared for business owners that own multiple S corps and that do not want to use the company to raise capital.
Read on for more information on how to get into the franchise business.
Franchise Owner received a line of credit of $400,000 within 15 days
He's recommended Biz2Credit to other entrepreneurs and considers the company "a great partner in my expansion."
"Biz2Credit was the biggest, biggest part of my success here. Biz2Credit came in like a lifesaver," she said
"I'd give Biz2Credit a 15 out of 10. Joe, my funding specialist, does a great job. He's always on point and really understands my business. Every time I've worked with him he's come through for me in a big way