An entrepreneur having 10 years plus experience in the food franchisee industry approached Biz2Credit to help him fund a start up loan for Johnny Rockets in NYC. The entrepreneur wanted to open the first Johnny Rocket in the country with a sports bar and multi floor facility.
Biz2Credit analyzed the current and past personal tax returns as well as the personal financial statements and experience of the entrepreneur. It concluded that Johnny Rocket being part of SBA approved franchisee registry would best qualify for a SBA 7 (a) start up loan. A major challenge being the tough credit environment coupled with no real estate collateral made the deal tough to fund. In order to execute the deal, Biz2Credit shortlisted and negotiated with couple of local banks for $1.3million loan. Coupled with a $300,000 contribution of the entrepreneur, the largest Johnny Rocket location in the country opened in December 2009. Besides this, Biz2Credit also helped the business to get an initial working capital line to a tune of $300,000.
To increase sales, the entrepreneur was looking to finance new marketing campaigns, while also maintaining excess inventory to service the new business
Biz2Credit helped the business by arranging the best suited finance options. The business got increased working capital line every 6 months down the line.
Johnny Rockets franchisee was able to raise a 25 year loan at 6%.
"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