A Master Franchisee of Metro PCS in operation for six years in Michigan wants to set up a franchisee network in the New York area. The Master Franchisee grosses around $2.0 million annually.
The Master Franchisee wanted to expand from Michigan to New York, and needed a bank to provide a line of credit against the accounts receivables. Further, this line of credit was to be based on the strength of business in MI. Also, it should increase as the A/R grew with the setting up of sub-franchisees.
Biz2credit reviewed the financial statements of the Master Franchisee. It then used the business and personal tax returns to present the case as a full document deal. This reduced the processing time and paperwork. Biz2credit also got a detailed account receivable aging statement from the accountant in the required format.
Master Franchisee expands Business in new geographical region with an unsecured credit line starting at 275K at prime plus 2.
"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