Good news for Denver residents who are looking into owning a franchise, the credit scores of Denver residents are above average, which means that the odds of securing a financing are greater than typical. The averages are part of a new monthly report by Chicago-based 1851 Franchise online magazine and New York-based BoeFly. They two companies teamed up to provide a Franchise Finance Index. The Franchise Finance Index is meant to give prospective franchise candidates insight into how the typical franchise finance candidate looks before they step into a bank. The goal is to set expectations have have franchisees better prepared for financing.
“The data may also help franchisors decide how viable candidates are,” said Mike Rozman, BoeFly CEO. The monthly reports will detail, state by state, the average FICO scores and the average SB.
“In my opinion, this information helps give an opportunity seeker perspective about how they compare to their peers,” Rozman said. “Most perspective and current small business owners know their personal credit — and if they don’t they should.”
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