After you have found the right franchise, the biggest component of getting it up and running is the cost of franchising. The total investment shouldn’t be what stands between you and your dream franchise! It is important to consider the total investment costs of the franchise, as well as any discounts and financing options that are available to you. Many franchise brands including TREND Transformations offer significant discounts to veterans and financial support options such as loans.
No matter what your financial situation might be, there are many different ways to obtain financing for your franchise purchase. These ways can come in the form of loans, grants, or even dipping into savings if the situation allows. Although TREND Transformations doesn’t offer financing for start-up costs, we help make it easier for you to obtain an SBA loan because we are SBA registered.
On top of that, we’ve invested in a tool so that our franchisees can receive the best possible loan application package. We support our current and potential franchisees by issuing a Bank Credit Report that is sent directly to the franchisee’s loan officer. This report provides data on our franchise system that is taken seriously by credit departments.
A popular option for financing franchises is through loans. Loans are money that is “borrowed” and is expected to be paid back eventually, and there are several ways to go about getting one. Many franchises may offer loans to help potential franchisees, so be sure to ask. Like we previously mentioned, TREND Transformations, for example, is registered for Small Business Association (SBA) loans to help make it easier for our franchisees to obtain financing for the investment.
In addition to SBA loans, there are also several loans offered for those who qualify at your local bank or online on various websites. There are plenty of opportunities to obtain the finances to cover the cost of franchising; don’t let the investment stand in the way of what you want to do!
Grants are harder to obtain than loans, but they do not have to be paid back at all. There are thousands of grants for franchises and businesses nationwide, and several are dedicated to women, minorities, immigrants, people with disabilities, and veterans. Most grants require an extensive application in order to determine your need and qualifications for it, but in the end, the effort can be worth it if you end up qualifying.
Another great financing option for those who are Veterans is the VetFran program, which TREND Transformations is proudly a part of. This program offers qualified Veterans a 50% franchise fee discount and a payment plan that lasts twelve months for the remaining franchise fee investment. Reach out to a TREND Transformations representative to find out if you qualify.
There are multiple options to help finance the initial costs of franchising and the total investments. If you would like to learn more information about the costs of franchising, download our e-book