As a small business owner, you know that finding the financing to grow your business can be challenging. Typically whatever extra funds you have get reinvested in your existing business, leaving you little liquidity for expansion.
Real world experiences
Nick and Ursula Novellino, owners of Novellino Turf Management in South Hampton Roads, Virginia, knew that they wanted to expand their existing business with a Spring-Green Lawn Care franchise. What they were concerned about was securing the financing to make that dream a reality.
“Nick looked and researched companies, trying to find one that fit us,” Ursula shared. The goal was to grow beyond grass trimming, to offer weed control and fertilizing as well, but the couple’s efforts to expand on their own weren’t working. “One big draw in joining Spring-Green was to grow that side of the business.”
“Without their capability of financing us, we wouldn’t be franchise owners,”
For the Novellino’s, Spring-Green’s financing program was crucial. “Without their capability of financing us, we wouldn’t be franchise owners,” Ursula said. The couple had tried initially to secure a business loan through their bank to purchase their franchise, but found there was a lot of red tape.
“With the bank, there was so much paperwork that had to be filled out, and we’d be filling out the same thing on five different forms to turn into the same person,” recalled Ursula. “We would turn it all in, and then the bank would come back and say they needed something else.”
Ultimately, Spring-Green made their dreams come true. “Spring-Green was way more streamlined, and it was just easier financing through them,” Ursula said. Spring-Green’s financing options offer a vast toolkit to help potential franchise owners, like the Novellinos, that Spring-Green believes would make good partners.
One way to fund a new franchise business is through a U.S. Small Business Administration (SBA) loan. Partially guaranteed by the government, a SBA loan can help with franchise entry fees, improvements or working capital. To qualify, prospective borrowers need to contribute some equity, repay the loan from the franchise’s cash flow and demonstrate they’re creditworthy.
“Because they have an existing business, they can fuel their Spring-Green growth that much faster. The annuity in your Spring-Green business will be greater than your current business in the future.”
Spring-Green also offers financing to qualified franchise owners. Much like the SBA, Spring-Green requires good credit and an equity contribution. Spring-Green President James Young explained, “If approved we can underwrite the loan which is typically used for the working capital and marketing expense. We finance the franchise fee and offer equipment leases and technology leases.”
Additionally, Spring-Green evaluates prospective franchise owners’ current green industry business to see if it can support the personal needs of the owner. If so, this allows the profits from the Spring-Green business to be reinvested. “Because they have an existing business, they can fuel their Spring-Green growth that much faster. The annuity in your Spring-Green business will be greater than your current business in the future.”
To learn about how Spring-Green can help you with financing call 1-800-777-8608 or visit us at www.growmygreenindustrybusiness.com.