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Opening a second or third franchise location can be one of the most profitable opportunities for franchisees – albeit expensive. Many franchisees seek financing to help them get the funds they need to expand. This can be difficult for franchisees with bad credit, as qualifying for franchise loans through traditional lenders requires near-perfect FICO scores.
Fortunately, funding options available in the alternative financing space provide easier, faster access to the franchise funding for franchisees with poor credit. But before we get to the bad credit franchise loans available, let’s determine how much you’ll need to borrow in order to open your next location.
If you are not the owner of a franchise, and would like to explore other bad credit business loan options available, click the link here.
Let’s go through all the expenses you’ll need to cover when opening your next franchise location:
Now that you have an idea as to how much you’ll need to borrow in order to open your next location, let’s explore the terms, amounts and rates of the bad credit franchise loans available for you to use.
Here are the franchise funding amounts, terms and processing times you can expect through alternative lenders like National:
Unlike traditional franchise financing options, the franchise loans offered by alternative financing come with terms, rates and amounts that are tailored to the needs of franchisees that need to open their next location.
Franchise loans provided through the alternative lending space tend to offer easier approval, larger amounts, longer terms, and faster times to funding than you’d find through banks, or the Small Business Administration (ex: franchise SBA loans).
Over 80% of franchise business owners with bad credit get turned down by banks for the funds they need. Fortunately, alt. financing companies like National approve over 90% of franchise applicants for the funds they need to expand.
All you need to qualify for bad credit franchise loans is:
Unlike traditional lenders, which base franchise financing approval almost solely on credit scores and the health of their financial history, alternative funding companies like National do not.
Instead, National takes the big picture of your franchise funding goals into account, focusing on the scope and promise of your business, rather than the score of your credit.
Don’t let bad credit get in between you and your goal to open your next franchise location, and start maximizing your revenue.
Contact National’s team at (877) 482-3008 and tell them the funding rates, terms and amounts you need to open your second location, and they’ll get to work finding the best funding option for you.
Or, fill out a 1-minute franchise loan application by clicking the link below to get the ball rolling immediately, and get the funds you need in as little as 48 hours.
National Business Capital is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.