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
"Vamsi Yaramaka, owner of a group of gas stations in PA, secured quick funding through Biz2Credit for business expansion. Timely funding helped him revamp his business to meet growing customer demands."
"I had a backlog of work for the past 4-5 years," said Angel. "The jobs weren't breaking. With that the cash flow slowed down and I fell behind on my bills."
Arco Electrical Contractors
Navneet got in touch with the funding specialists at Biz2Credit and worked with his case manager to understand the best way to secure inventory financing. His case manager was able to get him an offer the next day.