As you evaluate franchise opportunities and make careful decisions between which franchisor is a good fit for you, we’re sure The Great Greek Mediterranean Grill stands out from the competition. We work hard to make sure our franchise owners get the most for their money when we teach them how to open a franchise restaurant.
When you invest with The Great Greek Mediterranean Grill, you’re able to leverage our near-century of learning about customer satisfaction to become an expert on the franchise. Our comprehensive training will teach you the ins and outs of our business model, while our invaluable ongoing support contributes to your success throughout the life of your business.
It’s common for business owners to utilize financing programs to cover the cost to open a franchise restaurant. Franchise costs vary from company to company, ranging from a few thousand dollars to more than $1 million. Financing can help with acquiring an existing franchise, purchasing a franchise, financing real estate, remodeling a storefront, purchasing inventory, and purchasing equipment and other assets.
Some franchise opportunities require franchise owners to have substantial assets and/or net worth to cover franchise fees, liquid capital, and other investment costs. There are many options that can be purchased for under $100k, but many don’t include nearly as many valuable resources as The Great Greek Mediterranean Grill.
Financing a Franchise
There are a variety of financing programs available for franchise owners. If one option doesn’t work, don’t let that deter your dreams of becoming a business owner. We encourage franchise owners to shop around and explore all of their options, as they may find better funding depending on their credit and lender qualifications. Some of the options include:
- Bank loans. Some banks are more eager than others to sign franchise loans, especially to ideal candidates. Banks evaluate a substantial amount of documentation, including personal credit, business credit, and business plan to determine feasibility. Oftentimes, banks will insist on collateral and upfront costs to back your investment.
- SBA loans. While the Small Business Administration (SBA) offers attractive rates and repayment terms, they don’t make direct loans. The SBA partners with financial institutions and sets certain requirements that lenders must follow. There are several types of SBA loans available, including the SBA 7(a) loan program, which is most popular for franchise financing.
- Retirement funds. You may be able to borrow against your 401(k) or 403(b) retirement account, but it’s highly recommended to discuss matters thoroughly with a tax professional and determine the reputation of the firm you’re working with.
- Small business credit cards. If you’re looking at a low-cost franchise investment, you may consider financing with a small business credit card. Be aware, however, that these cards feature high credit limits, so you’ll need to get your franchise off the ground quickly to pay off your balance or refinance before hefty interest rates kick in.
- Equipment financing. Equipment serves as collateral, so there are options if you plan to purchase new equipment, including leasing equipment, equipment financing, and sale-leaseback arrangements.
- Alternative financing. Online lenders can offer financing to small businesses, but most require a minimum number of months in businesses and a minimum amount of annual revenue.
Most franchisors require owners to invest money to open a franchise restaurant. With The Great Greek Mediterranean Grill, you can rest assured that you’ll be starting your dream business with a loan that works for you.
These are just a few of the reasons why you should learn how to open a franchise restaurant with The Great Greek Mediterranean Grill. Contact us today to learn more about what it takes to get started.