America’s tight credit market has given potential entrepreneurs and franchisees a cause for concern, but Bruegger’s Enterprises, Inc. (Bruegger’s) may have found a solution. The fast casual chain, with 289 corporate and franchise locations across the U.S., has partnered with Diamond Financial to create an innovative program that helps pre-qualify franchisees for loans through the Small Business Administration (SBA). The program helps potential franchisees that are investigating the Bruegger’s franchise opportunity assess their loan potential early in the process. The program is also available to existing franchisees that are expanding.
Bruegger’s has seen significant growth company wide, despite the down economy. The company announced 19 quarters of consecutive growth as of fourth quarter 2008.
“The number one concern for franchise candidates these days is the availability of financing,” said Chris Cheek, head of franchising for Bruegger’s. “Our goal with this approach is to answer that question right up front – at the beginning of the process.”
Through the program, individuals interested in becoming a Bruegger’s franchisee can, at not cost to them, prequalify with Diamond Financial for an SBA loan. By applying for pre-qualification early in the development process, potential franchisees can assess the likelihood of receiving an SBA loan and establish an initial lending relationship.