NTY Franchise Company Financing Option
Of all the banking institutions in America that do SBA guarantee loans, Wells Fargo is not only the largest bank in America but is also the highest volume SBA lender in America over any other banking institution. Now while they have district offices around the country, their main SBA processing facility is located here in South Minneapolis. We have a designated contact at the office who works directly with the loan underwriters. So the benefit to you if you choose to use Wells Fargo is that you don’t have to explain to them who we are as a company, our successful track record, that we have been registered on the SBA franchise registry website for many years, or our tremendous success across our brands and have had good pay history. This all creates a whole lot less inertia for you to get your financing put into place.
Now another bonus that is even better is that we can connect you with our Wells Fargo contact and go through something that was not available 5 years ago- a prequalification program. Before you make any commitments to us whatsoever you can go through the prequalification program on your business financing for your new business. Now it’s not a five minute deal, there is working involved in it, but only about two thirds of the work involved in the loan application. It is really nice for you to know that even before you have made an agreement with us that you are in the zone of qualification. It’s not a guarantee, but it does offer comfort that you may get to proceed and execute on this new business you want to get started on.
Now keep in mind that after you become a franchisee by signing the agreement and paying the initial fee, we are going to help you with a very comprehensive and much more thorough business plan. Which is specifically tailored to this specialty “retail-resale” niche. Most banks are no used to looking at these kinds of businesses that are paying cash on the spot over the counter to buy our merchandise which is walking right through the front door. So in addition to balance sheets, in addition to PNL statements, we are going to help you with cash flow statements. Whether you go with Wells Fargo or not, you are going to be able to have that dialogue, you are going to be able to have the numbers, the cash flow statements, etc. But most importantly, you are going to be able to be confident in presenting those numbers to a banker and you will find this to be very helpful.