It can be challenging to get funding given the current franchise loan marketplace. However, that isn't stopping entrepreneurs from getting creative in order to acquire the funding they need.
For example, entrepreneur Jennifer Ruzich wanted to start a Missouri location of the Denver-based carpet cleaning franchise, Oxi Fresh. She sold a residential property to take care of the $35,000 franchise fee before partnering with her sister to take out a traditional $80,000 loan.
The off-beat strategy worked. Generating the funding required was the first step to launching her business, with Ruzich's franchise location recently opening its doors for the first time.
Other St. Louis entrepreneurs have used different tactics to secure funding. For example, Tom Spalj managed to get $100,000 from private investors to start his disaster relief company, DRIPS. He currently serves as the organization's president and chief executive.
Generating startup funds has been a leading obstacle for companies, with even federal programs such as the Small Business Lending Fund failing to get the necessary capital into the hands of potential entrepreneurs. However, as these entrepreneurs have shown, it is not impossible to overcome this challenge.
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.