Chris Runyan, an entrepreneur based out of Connecticut, was hoping to open a local Game X Change store, which is a consumer electronics retail franchise headquartered in Arkansas. However, franchise financing proved to be his sticking point – Runyan spent months meeting with various banks to pitch his business concept, but made little ground.
"I went through three or four months of being led into different meetings, but no one wanted to loan me money," Runyan, who lives in Milford, Connecticut., told the Hartford Business Journal Online. "It was really a waste of time and frustrating."
Relief came when Runyan began investigating nontraditional financing approaches. He got in touch with Connecticut Community Investment, a nonprofit organization that helped him secure a five-year, $35,000 loan. Three years later, Runyan is preparing to open his Game X Change location, proof that his business plan was worthy of investment.
It's crucial that entrepreneurs realize that, even if a few banks turn them down, there are other options out there. Nontraditional lending solutions are becoming increasingly popular in the franchise loan marketplace, and sometimes business hopefuls just need to look elsewhere.
Regardless of whether you're a franchise owner or want to become one, BoeFly.com can help you access the best franchise loans. BoeFly.com gives business borrowers secure access to more than 1,500 lenders – without having to go from bank to bank.