Franchise Finance just made it much easier for prospective franchisees to launch their businesses
Becoming a franchisee means tackling a number of hurdles head-on. From the challenge of finding the right business to the trial and tribulations of funding your new enterprise, these budding business owners certainly require oodles of resilience to get their enterprise off the ground. Fortunately, a newly announced £50m fund aims to make the financing part much easier.
Launched this month by Franchise Finance, the firm specialising in funding and SME training, the fund will enable franchisees to access between £5,000 and £500,000 to develop their business, which will have to be paid back within five years. Not only will new franchising entrepreneurs be able to get their hands on funding more easily but the credit decisions will typically be conveyed within 48 hours. “All too often we see access to sufficient finance as a barrier to growth, with franchisees unable to fulfil the potential of existing operations or expand into new locations,” said Chris Roberts, business development director, at Franchise Finance. “This fund promises to transform thousands of franchise businesses across the UK.”
This news come hot on the heels of Pip Wilkins, chief executive of the bfa, declaring that 2017 is going to be the year for British franchises to make a global impact. And with this new fund, that prediction certainly seems more likely to come true.