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
"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos
"Dr. Gautam came across Biz2Credit after seeing multiple TV commercials and figured he'd give it a shot. After submitting the application and speaking with his Case Manager, he was funded $350,000 within 48 hours."
Dr. Ravindra Gautam
"Biz2Credit saved the day and 48 hours later, I had the keys to my new fitness studio in my hand," said Zadeh. "I don't know how Joe did what he did for me, but I'm thankful for his help. He even got me an easy repaymen