When considering the purchase of a franchise, there are so many things to take into account. First, you need to do your research and figure out what kind of franchise you’re interested in. Then you need to start making plans and putting together a viable strategy, and part of that is figuring out the financing details.
One of the major questions people have when it comes to purchasing a franchise is: What is the smartest way to finance? Well, we’re here to remind you that you have options! There are many resources that franchise owners have utilized in the past, and we’d love to shed some light on this subject for you. Here are the most common ways to finance your franchise:
- Bank Loans — Though some banks may not want to invest in a new business, they often see the purchase of a successful franchise differently. In fact, if you have good credit and the franchise is a proven establishment, the chances are good that a bank or credit union may help with financing.
- SBA Loans — Loans guaranteed by the Small Business Administration can be a great option because, although they don’t directly lend the money, they partner with financial institutions that do. SBA loans come with a lengthy application process and the need for collateral, but they are worth looking into because they might be a great option for you.
- Small Business Credit Card — Often featuring high credit limits, small business credit cards can be an attractive alternative for certain franchise purchases. Learn more about why this might be a good avenue for you as you venture into the world of owning your own franchise.
If you’re ready to learn more about what kind of financing might be best for you to purchase your own Ori’Zaba’s Scratch Mexican Grill franchise, contact us! We welcome the opportunity to speak with you and walk you through all the ins and outs of financing your franchise purchase.