Finding small business loans for military veterans and your funding options.
We are a partnership of experienced entrepreneurs in the franchise business; these individuals will give veterans the opportunity to live the “American Dream” of owning and managing their own business.
By offering a variety of proven franchise opportunities from many different industry sectors, our group will enable the veterans to own a product that is tailored to their specific needs, desires and abilities.
Our intent is to utilize the public sector to identify and assist with all the programs that are available to the veteran candidate; such as grants and special Small Business Administration (SBA) programs. Additionally we have the commitment of leading U.S. banks that will allow us to make available ownership options that are not available to any other potential franchisee.
This program is designed to assist the veteran at every stage of the process from the initial inquiry to the implementation of the business. Our group will work hand in hand with the individual veteran candidate, the Veterans administration and the SBA. We hope that all parties will share in our goal of putting thousands, if not tens of thousands of veterans into businesses and employing many thousands more who are currently in need of jobs throughout the United States.
Based on our research, all of the critical parts to this program already exist, I.E. SBA, Department of Veterans Affairs, franchisors and banks. Therefore, all that is needed is for our organization to facilitate the program and provide the expertise and momentum to deliver the goal, mission and vision that we have outlined. We are looking forward to working with all involved organizations.
10 Reasons for a vet to Own a Franchise Business
You will have support, a safety net, expertise, training, experienced oversight, marketing, advice, mentors and peace of mind. All of this backing allows you to proceed in confidence and it opens doors for financial support. These are the reasons why franchising works.
1. You are owning a proven formula.
When you buy into a proven franchise concept, you avoid many of the major hurdles new startups face because the franchisor has already worked out the kinks and laid a solid foundation. A good franchisor will have everything systemized and ready for you a business paint-by-numbers, if you will from marketing and branding to site selection and approved vendors. Think about what it would take (and how long) to start your own business that earns an immediate income stream.
2. We can offer assistance attaining financing.
Due to tightening lending practices, this eliminates unnecessary time seeking approval from third-party lenders on things like franchise agreements and business pro forma; rather, the focus is on you and what you bring to the table as a franchisee. Our unique partnership with Wells Fargo to provide SBA backed loans is beyond powerful and assures the veteran candidate of the best chance to obtain business ownership.
3. A franchise provides a built-in support system.
If you need help negotiating the terms of a lease, if your POS system is acting up again, or if you want to offer a special promotion and need advertising and design assistance, the franchisor is there to help. Equally important is the relationship between franchisees and the support they offer each other. Franchisors understand that there are exponential improvements that take place when franchisees are well-connected and sharing best practices.
4. A franchise is more attractive to the SBA.
With competitive rates are longer terms, SBA loans are a smart way to fund your franchise unit, — not to mention there are no points, no balloon payments and no pre-payment penalties. According to SCORE, a nonprofit resource partner of the SBA, franchise loan applications are looked upon more favorably by the SBA than loan applications for independent startups because franchise are turnkey operations. Simply, they are a safer bet. The SBA also has a resource called Franchise Registry. It is a preapproved list of franchises that the SBA has already reviewed, which allows for a more streamlined loan process for potential franchisees.
5. You can be your own boss.
You call the shots, you manage the schedule, and you run the show just understand there’s a pecking order. It may not be a 100% original entrepreneurial endeavor, but it’s the next best thing. A franchisee owns an individual unit but has also agreed to follow a formula put in place by the franchisor. When you choose to follow the business formula and use the support systems in place, your chances of success increase.
6. Some low-cost franchises have strong ROI
Lower start up and build out costs equate to higher margins and enhanced value. The break-even point is significantly reduced meaning that the time spent to get from grand opening to loan payoff is shorter. You are positioned to own your second operation more quickly and you can obtain “economy in numbers”.
7. In a down economy, the buy-in prices are lower.
During a recession, cash is limited even among the best businesses. Franchisors are eager to build capital to grow or simply to stay competitive. Suppliers, franchisors and most importantly real estate cost are low when the market begins to return to pre-recession these startup costs will raise, knowing that when the market turns they will flourish. Startup costs are attractive right now.
8. Name recognition is what consumers look for, especially in a recession.
Consumers like to frequent those businesses with which they are most familiar and comfortable. Having instant access to a recognized brand provides a built-in security blanket, and during a recession consumers are most inclined to go with what they know. It’s all about name recognition, consistency and value. Now more than every consumers want the safety and comfort of a familiar brand.
9. Veterans aren’t ready to retire; they can be their own bosses and build toward a solid legacy retirement.
It’s time to put your skills and desire to work for your own future. More than any other way, owing your own business puts you in a place that fulfills the dream for you your family and theirs.
10. The chance of success is much higher.
A franchise is more likely to succeed than an independent startup, and the security of investing in a proven concept is worth its weight in gold. With a franchise, the chances of success are dramatically increased because you have the support of the system. “The franchisor has already taken most of the risk. “That’s what you’re really paying for.”
Thank you
Brian Concannon
Phone 516-730-2424
Fax 800-520-8122
