Franchise Loan Applications for start up loans has occurred over the last few weeks. I personally have 5 new Firehouse Subs start-up franchises alone that have come into me over the last 2 weeks. Incredible! WHAT DOES THIS MEAN FOR THE ECONOMY????
Well, for starters, people are beginning to apply for new business loans-this is a good thing! It means there is confidence coming back in. We may also extrapolate that the more well-heeled of the unemployed, the downsized high paid boomers, are entertaining starting their own business instead of trying to find a new job. Each business that starts hires people and so all of this is bullish for the economy. Now that does not mean that I am declaring the recession over. But the opportunity to make money is VERY real and alive in commercial lending. And while people say that no one is lending, I am getting these deals done!
Now consider, these are loans where there is no real estate involved, just business only operations. They are leasing the space and getting money for equipment, working capital, franchise fees, etc. The Firehouse deals are restaurant start-ups which are even harder but CAN get done.
I am funding these consistently. Of course, any franchise business can apply for these loans, I even can do them in states like MICHIGAN! It takes expertise and knowledge and sometimes some creativity but they can work. And though they are small in size, around $250K for the average Firehouse subs, they don’t require a commercial appraisal and can close quicker as a result. Franchise loans with real estate are even easier and of course, higher loan amounts. But these loans are GOOD. They help the economy, they can help YOUR economy and the people who count on you. And few banks are doing them.
5Izbzw1Tbu8′ >Colorado Small Business Loans – How Good is Your Business Plan?