August 1, 2022
You’ve chosen a franchise and are working with a franchisor. Every stage is new and fascinating as you work toward hanging your sign because you know what you want. You will be taught and assisted by your franchisor throughout the operation, but most of the financial concerns are determined on personal financial status. Are you prepared for a business loan approval?
In the months ahead of franchisor approval, new franchisees should prepare their financial situation accordingly. Traditional lenders (and SBA lenders) will assess your viability based on your credit score, without any operational history—no proof that you can or will be successful.
It’s also a risk for them, yet with a few key components, you will be prepared for their examination:
Even if you have all of your ducks in a row, obtaining a loan to start a franchise may be difficult. The procedure is time-consuming and must be given the same attention as your franchise search. Your loan readiness is closely linked to the early success of your new business. You’ll be loan-ready and fully prepared to open your new business with an organized package for lenders that emphasizes a solid financial basis.
UNITS® Moving & Portable Storage is offering lucrative franchise opportunities across the country. Start your evaluation today and join the UNITS® family!