Obtaining funding to start or buy a new business or franchise is one of the primary hurdles entrepreneurs face once they have chosen a business/franchise model. That funding – often referred to as working capital – needs to not only cover initial expenses like inventory, real estate, equipment and franchise fees, but also ongoing needs such as inventory, marketing and paychecks. Tenet Financial Group clients who need up to $150,000 in working capital for their business/franchise often go with an SBA Express loan because of its many small business-friendly attributes.
“SBA Express loans are a small, compact loan that are ideal for franchises,” shares Derrick Skogsberg, Tenet Financial Group founder. “Funding is secured very quickly with approvals often within 72 hours. Plus, lender transaction costs for SBAExpress loans are relatively low.
“We’re seeing lots of clients go this route and banks are telling us that SBA Express loans were a highly sought-after funding source in the first quarter of 2018.”
Here are some of the SBA Express loan specifics:
*Reduced lender transaction costs that are tied to the loan amount – the smaller the amount needed, the less the lender transaction costs
*10-year term – which coincides with most 10-year franchise agreements
*Closes within 45 days
*No business plan required
*Low cash injection required
*No pre-payment penalty
*No collateral required
*SBA Express and ROBS/401(k) Rollover funding can be used as the required cash injection
If you need a low dollar loan to start or buy a business franchise, Tenet Financial can help you get the working capital you need. Contact us today to discuss your funding options – 1-888-901-3335 or email us at firstname.lastname@example.org.