Provided by John Marshall Bank
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Franchises make up a unique and important aspect of the business community. Odds are, if you were asked to name 10 franchises, you probably could. Their status as household names combined with the advantages of their business model make for an exciting opportunity for entrepreneurs in Prince William County. Things get even more exciting when you factor John Marshall Bank and their financial solutions, including Small Business Administration (SBA) loans, into the equation.
SBA loans are loans that John Marshall Bank offers in partnership with the US Small Business Administration to small business owners. The bank offers a variety of SBA loans including the popular SBA 7(a), the streamlined SBA Express, and more. Each loan is specifically designed to fit the needs of small businesses, providing an avenue for growth across all stages of the business lifecycle. SBA loans are especially advantageous for franchise owners, who are in a prime position to take advantage of the opportunity an SBA loan can give them.
Let’s start with what makes operating a franchise a strong opportunity in the first place: less risk. When you open and operate a franchise, you are connected to a larger and established network of businesses. This provides you, the franchise owner, with a better idea of what will and won’t work. You’ll also have most of your products, policies, and practices already set, meaning you can jump right into operating at full throttle. You also can rely on the national or global brand that you’re a part of to drive customers through your doors. Now, you’ll still have to do a lot of work, don’t get us wrong, but you’ll be starting from a different place compared to other businesses.
When it comes to starting out, there’s two ways you can go about it, both of which can be financed with an SBA loan from John Marshall Bank. You can buy a franchise that’s already operating, open up your own, or expand your current franchise network. In each of these cases, an SBA 7(a) loan from John Marshall Bank can provide you with the financing you need to get started. In fact, with John Marshall Bank’s Preferred Lender Status, which is only given to financial institutions that have proven to be efficient and successful in administrating, processing, and completing SBA loans, you can get access to your funds even quicker.
As a Preferred Lender, John Marshall Bank has the authority to make certain loan decisions without having to wait for direct approval from the SBA. This makes the loan approval process more direct and can even shorten the entire process. For a franchise owner, it means getting the funds from your loan quicker than if you chose to partner with an institution that isn’t a Preferred Lender.
SBA loans aren’t confined to buying or operating a franchise. They can be used to fund permanent working capital, purchase equipment, furniture, and inventory, fund payroll, finance a renovation, and a lot more. With so many options, it may be difficult to know just what to use an SBA loan for, and that’s where John Marshall Bank’s expert team of small business lenders comes in. They have a ton of experience in working with small businesses to help them operate, grow, and succeed. Their relationship-centered approach to banking means they’ll take the time and effort to look at all the factors of your franchise to determine the best financial solution for you.
Let’s say you need financing and can’t afford to wait too long. John Marshall Bank has a solution for that: SBA Express loans. These loans, which are capped out at $500,000, move even quicker than a normal SBA 7(a) loan that’s enhanced with the Preferred Lender status. They have a unique and easy application process and allow the JMB team to make processing, closing, and servicing decisions quicker, getting you the funds you need at the pace you deserve.
As a franchise owner, you may still be asking yourself, why John Marshall Bank? The answer is simple: with John Marshall Bank, you’re a partner, not a transaction. When you take out an SBA loan with JMB, you get the support of an entire team that is dedicated to the success of your business, just like you are. In fact, throughout your loan and beyond, you’ll be able to stay in touch with the same people at JMB, building up a strong and secure banking relationship. Speaking of security, the Bank has a full suite of top-of-the-line fraud prevention tools and an operating history rooted in safety and soundness. JMB is also a community bank, something the team takes a lot of pride in. They live and work in Prince William County and make their decisions accordingly. You won’t be talking to someone in New York or California about your business, you’ll be talking to a neighbor.
So, for franchise owners, the best way to finance your franchise is with an SBA loan from John Marshall Bank.
Email businessbanking@johnmarshallbank.com or visit their website for more information.
