Business Loan Options For Opening A Franchise
Thinking about opening a franchise? Consider some business loan options to help make your plans a reality:
Online Franchise Loans
Online lenders are becoming more and more popular. The advantages include that they cater to new and small businesses and typically process applications quickly. Another benefit of online lending is that you have a wide range of lenders to work with, improving approval rates.
Have you considered a loan from the SBA? The SBA, or Small Business Administration, provides several different loan programs, tailored for different types of businesses and investment opportunities. The purpose of borrowing money and what you plan to use it for may dictate the best program under the SBA for you. Visit their website to learn more!
Franchisor Financing Assistance
Some franchises offer their own in-house financing assistance. Does this apply to the franchise that you are interested in? This is a great resource for some entrepreneurs just starting and shows that the lender is vested in your success.
Today’s entrepreneurs are turning to crowdfunding for the money that they need in a hurry. This offers a rare opportunity to reach a global audience and convey what you are trying to do. Some websites are set up for patrons to easily send or donate money to your cause- which is then provided to the benefactor, in this case, you. Most crowdfunding platforms keep a percentage in fees; read the small print to find out more.
A traditional bank loan might be your best option if you have good credit and strong revenue potential. The process is not fast- unless you are an established borrower with an excellent credit history.
Want to find out more about alternative lending solutions for franchises? Talk to the industry experts at Freedom Capital Solutions today.