Due to continued high growth and increased demand in franchise opportunities, FASTSIGNS International, Inc. has expanded its relationship with Benetrends to provide up to $15 million in funds to start-up and expanding franchisees for new center development. Benetrends has long partnered with FASTSIGNS as a provider of 401(k) rollover funding, or its Rainmaker Plan.
“We are proud to partner with Benetrends to provide new and existing FASTSIGNS franchisees with access to millions in capital, with an expedited SBA loan approval process and attractive terms,” stated Catherine Monson, CEO of FASTSIGNS. “This expanded relationship with Benetrends will help us maintain our industry leading position and further fuel our growth.”
The company’s previous agreement with Benetrends allowed for assistance in helping FASTSIGNS franchisees utilize their qualified 401(k) or IRA to fund the opening of their franchises. This extended partnership will help the burgeoning franchise continue its franchise growth momentum, having signed 45 new franchise agreements in 2014 and plans to sign more than 50 by year’s end in North America.
“We have a great partnership with FASTSIGNS and are excited to accelerate their growth by allocating $15 million in funds to their franchisees,” said Rocco Fiorentino, president and CEO of Benetrends Financial. “The company’s high franchisee satisfaction, top performing unit level economics and innovation make them an ideal partner in our proprietary franchise fund program.”
With its 30-plus year history, Benetrends is a trusted leader in franchise and small business financing. The company’s proprietary franchise fund was created at the beginning of 2014 to help International Franchise Association franchisor members provide qualified candidates with direct access to capital. As a member of the Benetrends proprietary fund, FASTSIGNS and its franchisees benefit from a simplified qualification process, dedicated loan officer from application to closing, consistent communication with lender and single point of contact, and access to experienced Preferred Lenders Program (PLP) SBA lenders. Franchisees also receive a loan proposal within two business days of receiving the initial application and loan commitments within 10 business days of receiving a loan package.
Because of this new agreement with Benetrends and an existing partnership with Franchise America Finance, the worldwide franchisor of more than 570 FASTSIGNS sign, graphics and visual communications centers now has $21 million in funding available for franchisees, including those who purchase existing FASTSIGNS centers.