CiCi’s Pizza, home of the custom pizza buffet, announced its new investment and financing programs to help existing and prospective franchisees with funding options to further address the challenges of today’s lending environment. The new programs are part of the CiCi’s “Build the Brand” initiative to add 500 new restaurants by 2020.
Through its Franchisee Investment Program, CiCi’s has allocated $5 million to provide select qualified multi-unit franchisees with the necessary funds to open a minimum of five restaurants. CiCi’s will invest $100,000 per restaurant towards development and in doing so the company will become a non-voting minority shareholder. After certain financial milestones are met, CiCi’s will roll over the initial $100,000 into the development of a second restaurant.
“As the restaurant industry begins to show signs of improvement, we recognize a growing optimism among operators and a desire to expand their portfolios,” said CiCi’s Pizza Chief Financial Officer Forbes Anderson. “We created the Franchisee Investment Program to provide experienced multi-unit operators with the direct access to credit they need in order to develop new restaurants.”