For veterans seeking funding to take their hard earned skills into business operation, finding a loan just got a bit simpler. 2014 marks an opportunity available through the end of September with the Small Business Administration that’s taking the edge off of advance loan fees.
The Express Loan Program offers the advantage of a 36 hour turnaround time with a response provided so franchise investors can proceed accordingly. This quick reply makes this particular lending opportunity advantageous for franchisees looking for fast answers to their funding challenges. Additionally, interest rates are negotiable and max loan amounts reach up to $350,000.
Veterans benefit from this provision in a big way, with a completely waived advance fee, so veteran lenders can get moving with a simplified lending process. For non-veteran lenders this provision is extended as well to include loans of $150,000 or below.
Most prospective franchisees find that locating funds and the entire lending process is one of the more complex aspects of starting a franchise business. Opportunities like this one help to simplify the process and provide an incentive for small business loan seekers. A reduction in excess paperwork and longer loan terms make this a flexible option for franchise investors.
For veterans, entering franchising is a rather attractive option after ending a service career in the military. ;Numerous opportunities available in a wide array of sectors, flexibility to manage one’s own schedule, and financial incentives provided from all sorts of franchisors make the franchise industry one of the most veteran friendly areas of investment.
In addition to this lending opportunity, franchisor Baskin-Robbins is also ramping up franchisee incentives for military veterans by reducing royalty fees and initial fees this year for new shops built before the end of 2015. The incentives extend into the next five years of operation and benefit single and multi-unit operators. Discounted fees offered through franchisors and access to funding without fees are two primary ways that franchising offers veterans a simpler way to get into business.