Small Business Administration (SBA) loan programs, such as 7A & 504, are SBA-underwritten loans. Typically, if a franchise company is pre-approved by the SBA, a bank is more likely to provide franchise financing.
These programs are for existing businesses having a minimum of 2 years of revenues and profits. The obtained funds can be used for operating capital, equipment or real estate expansion. Funds can also be used for restructuring business debt incurred at start-up.
Since these loans are based off previous year's business performance, you'll need to provide full documentation.
If you are currently active in the military or a veteran, the Small Business Administration has a loan program called the Patriot Express. This is a SBA-backed loan program specifically created to you get into business for yourself. The program has reasonably lower interest rates and allows funding for both new or existing franchise businesses.
If you are eligible, this is an excellent program that can help you make the transition from military service to business ownership.
As "Your Partner," we will work with you to determine which SBA Loan program may be right for your situation.