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Financing Your Homebased Business
The reality is that banks, even community lenders, are hesitant to lend to start-ups. Buying a homebased franchise opportunity may boost your financing chances, although lending to homebased entrepreneurs isn’t an industrywide practice, says Ginny Young, president of Orange, California, franchise lender Brava Capital. Her company doesn’t finance homebased borrowers, but she knows industry peers who are funding cleaning service franchisees, some of whom may start out as homebased enterprises. “It would be easier to get that financed than a [homebased] mom-and-pop cleaning service,” she says.Even so, the franchise lender still needs assurance that a homebased franchisee has adequate capital levels. Says Young, “A homebased business is not a lender’s dream unless it’s an SBA loan and [the entrepreneurs] have equity in their house and a good business plan.”
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