Owning your own franchise gives you the flexibility of being self-employed with the ability to follow an already successful model. The opportunities are there to grow and develop your business even further if you have additional capital to do so. However, finding the funding when you need it can be difficult sometimes.
As a franchise owner, where can you get the funds to grow your business? The corporate franchisor doesn’t want to finance you -- the whole reason for offering you the franchise is to limit his downside exposure while expanding his brand. And banks are wary of franchises. In addition to the normal business risks, the bank perceives a risk that you could breach rules and regulations laid down by the franchisor -- and thereby lose your franchise. So where can you turn?
When you need funding quickly, a merchant cash advance may be the right option for you. Principis can help you to get the funding that you need as quickly as 7 days from when you apply. That is a far shorter time period than having to go through a traditional loan application process with a financial institution. In addition, this type of funding is available even for companies or business owners with poor credit. The average FICO score of our client business owners is under 600, and a significant portion are under 500.
In today’s environment, being flexible and agile as a business owner is critical to success. You need to be able to turn on a dime to take advantage of new opportunities. This is where another benefit of business cash advances fits in -- you can use the funds in your business however you need to. We don’t impose any specific requirements about use of funds.
And finally, perhaps the best feature of this type of financing is the fact that you do not make specific payments each month on the loan. The payments are based off of your credit card sales, and a small percentage of those sales goes to pay down the advance over a period of 6-12 months, which is cash flow friendly.
Owning a franchise requires money at various times as you develop your company. Having the ability to tap into funding through a business cash advance makes it easier for you to find the funding when you need it.
Learn more about how a business cash advance works or Apply Now or call us at (866) 311-5463 for more information.