Elgin Automatic

Elgin Automatic

Can a Business Cash Advance Save My Franchise?

“Discouraged by economic conditions, some franchisers are cutting back on efforts to sell franchises,” writes Richard Gibson in his Wall Street Journal article, “Franchise Sales Pull Back During the Recession.”  But what about those small business owners that already own a franchise.  How can they compete with the recession?

According to Jeff Elgin, chief executive of FranChoice Inc., a firm that helps franchisers find prospective franchisees, who Gibson quotes, “"A lot of companies entered the franchising business the last three or four years, and many haven't been doing very well recruiting franchisees."   He also says that this has to do with the fact that many would-be franchisees "who nine months ago would have gotten financing very easily are being held up."

In the past, franchisees looked to banks for business funds, but as bank lending has tightened and eligibility requirements have intensified, the business cash advance is looking more and more appealing to franchisees.

Many owners of various franchises such as McDonald’s, Subway and Cold Stone, just to name a few, have already taken advantage of business cash advances.

A business owner does not have to own a franchise in the food-service industry to be eligible for a business cash advance.  In fact, any franchisee who’s owned his/her franchise for at least six months and processes a minimum of $3,500 in monthly credit card sales is a likely candidate for a business cash advance from $5,000 to $500,000.

These funds are easy to acquire, and the repayment is hassle-free.  Franchisees who receive a business cash advance have their repayments automatically deducted as a small percentage from their business’s daily credit card sales, a process that takes about 6 to 8 months to complete.

The business cash advance can be an excellent method of business financing for all types of small business owners in the retail and service-oriented business industry.  Business owners who are seeking additional funds should further research the business cash advance.

About the Author

Chrystal King writes articles about the business cash advance , for Merchant Resources International.

Time to go fly a kite
The Rowlett Exchange Club is hosting its second annual KiteFest from 11 a.m. to 5 p.m. April 24 at Elgin B. Robertson Park. The event was postponed last year due to high winds, but the club hopes this year’s event goes off without a hitch.

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