Access to capital is expected to continue to be a challenge for the next few years, ultimately affecting franchise expansion. But a new $100 million fund from Benetrends is helping to fuel the industry’s growth by offering International Franchise Association franchisor members direct access to capital for qualified applicants to develop new locations or to purchase their first franchise.
“Part of ensuring sustained franchise growth across the country includes offering access to strong, franchise-focused lending programs such as Benetrends new $100 million fund,” said Steve Caldeira, CFE, IFA president and CEO. “In doing so, we are providing both existing and prospective franchisees with the tools and financial resources they will need for long-term growth and success.”
Hand & Stone, a rapidly growing spa franchise, is the first brand to participate, receiving $10 million in initial capital to assist with its growth.
“Benetrends is excited to now provide franchisors and their franchisees access to the critical funding needed to expand their current operations or purchase their first franchise,” said Rocco Fiorentino, CFE, president & CEO, Benetrends, Inc. “We’re pleased to award Hand & Stone the first $10 million from the new fund as they look to meet their future development needs following their record-setting growth in 2013.”