VET Franchise Funding
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As a veteran, a former franchise owner and now a franchisor, I know how difficult it can be to finance a franchise—your franchise fee and start-up costs. Unless you have considerable savings, family cash or separation pay, you’ll need to borrow money.
Where To Get Veteran Franchise Financing
Go to the BoeFly website and complete the application to see how fundable you are based on the credit preferences of over 3,600 lenders and learn what you can do to improve your fundability.
You can finance your franchise using credit cards, a home-equity line of credit, or borrowed funds from your 401K, but I don’t recommend any of those choices particularly when there are options specifically designed for you.
Because franchising funding for vets is an evolving program, my first suggestion is to visit the International Franchise Association’s VetFran website and sign up to receive the VetFran Tool Kit that includes free Franchising 101 courses, a video library, finance and personality assessments, a workbook guide, partner links, access the VetFran Mentor Network and much more.
Then go to the Small Business Administration website to learn about the Patriot Express Loan Program, a streamlined loan with enhanced guarantees and interest rate features for active and retired veterans wishing to establish or expand a small business.
Finally, as part of your research, always ask the companies that you’re considering if they have VetFran discounts—franchise fee discounts for veterans—and an in-house SBA rep, who can provide experienced support.
As a veteran you have options, and they’re getting better every day. If you have any questions, please feel free to contact my friend, IFA’s VetFran rep and wounded warrior KEVIN BLANCHARD for answers and advice. Kevin can be reached at firstname.lastname@example.org and (202) 662-0789.