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
"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
"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