In the last few years, the importance of financing franchise has decreased. This situation does not give arise to full depression and hopeless situation. As the Uncle Sam’s loans have added fire among the business owners. Loans are provided to these franchises which have added much into their happiness. Loans up till eighty five percent can be taken from such companies. These record setters once gave loan of $ 19.6 billion which a great and startling amount for the other companies. The 7 (a) loans are the most admired one loan and are mostly used by the people.
It is seen in the last year that most of the loans are assigned to the business franchises and up till now $ 1.5 billion or more than this are given to them. In comparison to the other years, this amount is quite large. We got change of talking with the member of social business administration i.e. Steve Smits who is working in this loan program department.
He said that they exactly know all the emerging economical conditions and also the competition which is arising. For this, they try their level best for providing advanced facilities to all their users and customers. Achieving and fulfilling the financial needs of their customers are their first priority.
He further says that in the 2012, we are trying to extend the amount of our loans. By this more needs would be fulfilled and no problems will be faced in this field by the small business owners or any other persons. Even in this year our partnerships with many strong companies will prove to be much advantageous for us. Going hand in hand with them and achieving our aim can open the ways for our success.
It is simply the lack of awareness in them according to me. No proper knowledge or guide is given to them but still we are trying to clear up their mind. Awareness programs are created by us for all these lenders. Through our efforts many of the lenders started using our program.
After using our program once they keep using it for getting more satisfaction and praise. Through usage, it is recognized by them that our program is very much beneficial for the small businesses.
The very first thing I want to make clear is that borrowers should not make much expectation from these franchises. They cannot fulfill all their desires as there are millions of entrepreneurs who need their help. Lenders cannot give the hundred percent loans to them. Rather it would be provided in short intervals which they can manage easily. It can be twenty to twenty five percent or even thirty percent.
For me both loans can be taken easily if the person has specific skills and full determination for getting the loan. Some lenders are ready for giving as much loan as the borrower requires whereas others do not. The new SBA 7(a) program offers huge variety of loans for diverse areas.
Yes sure, the very first thing is to develop professionalism. Make yourself compatible for all sorts of hardships and situations. Never back off when the downfall or loss of business starts, determination and focus can change everything for you. Understanding your costs and all the things is the best advice I can give to all the franchises.
March 14, 2013
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