08 Sep, 2017

Sba Approved Franchises Opportunity

SBA approved franchises opportunity Many franchises are approved by the Small Business Administration. Why does this matter? Applicants for SBA-approved franchises are granted expedited loan processing when applying for financial assistance from the SBA. Please browse our broad selection of SBA approved franchises opportunity in order to take advantage of this incredible program. Are you looking to buy a franchise, or do you currently own one? If so, you're part of a growing population. The popularity of franchises over the last several decades has contributed to the massive growth of related jobs and new businesses. What does it mean to be an SBA-approved franchise? SBA-approved franchises are select business opportunities whose agreements have been accepted by the SBA. When it comes to securing an SBA-backed loan, those applying for an approved-franchise have it easier and quicker. Applicants for SBA-approved franchises benefit from a streamlined review process that expedites their loan application. Because the particular franchise is pre-approved, the loan review is less complex and focuses on specific aspects of that bronco’s business plan. Where can I find a list of SBA-approved franchises? Through a partnership with SBA approved franchises opportunity, the Franchise Registry provides a list of approved franchises*. This list allows you to search by name if you have a specific franchise in mind or by program/industry if you doing research in related franchise opportunities. Should I be worried if my franchise is not on the SBA-approved list? Franchises do not appear on the list for a variety of reasons. In some instances, the franchisor may decide not to have it listed. If this is the case, SBA and your commercial lender may need to review and evaluate more financial information when you seek SBA financial assistance, which may add more time to process the request. Being on or off the list is not an endorsement or indication of quality and profitability, so you should still thoroughly research for your potential franchise opportunity. What Else is needed by SBA and my bank if my franchise is on the SBA-approved franchise list? Additional eligibility qualifications are required for applicants of financing for an SBA-approved franchise. These qualifications include items such as general eligibility, conflicts of interest, business plans, and use of proceeds. When you apply for a SBA approved franchises opportunity backed loan, you will still need to submit paperwork according to their application process. A SBA Loan Application Checklist can help you prepare all the necessary documentation. Common documentation includes: • Purpose of the loan • History of the business • Financial statements for three years (existing businesses) • Schedule of term debts (existing businesses) • Aging of accounts receivable and payable (existing businesses) • Projected opening-day balance sheet (new businesses) • Lease details • Amount of investment in the business by the owner(s) • Projections of income, expenses and cash flow • Signed personal financial statements • Personal résumé(s)