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Veterans and Franchising - The Franchise Show
Veterans and franchising are a near perfect fit, and there are many tremendous programs available to veterans to
get involved with their right franchise opportunity.
Listen to Chris Loudermilk with The Dwyer Group and VetFran board member discussing franchise opportunities for
veterans and the RecruitMilitary web site on The Franchise Show.
Where To Get Money For Your Business Venture
You know you want to own your own company. You've done your research and decided franchising is the way to go. But before you can sign on the dotted line, you need the money to finance the franchise. So where are you going to get it?
Your Franchisor
Though most U.S. franchisors provide debt financing only,
franchisors can help in other ways such as offering financing plans
for equipment, the franchise fee, operational costs or a
combination. Start by asking the franchisor if they offer any plans to
minimize your financial risks. For example, Spring-Green Lawn Care
offers "Flex Start," an innovative program which allows Spring-Green
franchisees who open their business late in the season to operate in a
part-time capacity until January 1 of the following year. Flex Start
franchisees learn all business facets while operating part-time while
allowing franchisees to keep their jobs and launch their Spring-Green
careers at the same time.
Financing Options for Veterans
Where's the money?
Contrary to what you hear about the trouble in the lending market,
there are still plenty of options when looking into a franchise. We
will explore some different options that veterans have on getting
money to fund a franchising business. There are almost 400 members of
the VetFran program through the IFA (International Franchise
Association), and these members offer anywhere from a 10 to 25%
discount on the initial franchising fee. I would recommend looking at
these companies first because they have lowered the amount you have to
pay initially and see the value that veterans bring to the franchising
company. More than 1,300 veterans have used the program to start a
franchise since they have starting tracking the statistics.
$250 Million in Loan Guarantees for Military Veterans
The SBA Patriot Express loan program has facilitated $250 million in loan guarantees for veterans in just 20 months!
Under this program, larger loans--up to half a million dollars-- are offered, which is more than the ordinary SBA program, which caps loan amounts at $300,000. The application process is also more streamlined. After loans are submitted by a partner bank, the SBA approves most applications in less than a day.
Patriot Express can be used for many business purposes, including purchasing a franchise.
Thanks to the SBA and participating banks for this terrific program..
Our interview with Franchise Direct
I was recently interviewed by the good people at Franchise Direct as to the opportunities for veterans in the franchising area. In this interview he discuss the veteran market, financing options, and some great opportunities in franchising.
Featured Opportunities
