Funding programs available for existing franchises:
Many of you have reached out to me about the CARES act that was initiated to provide $376 billion in relief for American workers and small businesses.
While the details seem to be changing day to day, there are four programs available:
- Paycheck protection program- This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Learn More
- EIDL Loan advance- This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Learn More
- SBA Express Bridge Loans- Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn More
- SBA Debt Relief- The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Learn More
Those applying should do so with the bank that they already have a loan with OR a business banking relationship with.
Funding for new franchisees:
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
In a world where the information is changing so quickly, what do we know?
- The information is changing daily, so stay informed and know that lenders are doing their best to stay up with the demand right now.
- Banks & funding companies are very busy and working diligently to follow up, stay informed, and help as many people as possible. It’s a fluid world right now, and patience is required.
- If you have a relationship with a lender or a bank, go to them first. Many companies are only processing PPP or EIDL loans with current customers. (If you need contact information for any franchise finance companies, please let me know).
- Get as much of your information together to be prepared. Learn More
I don’t pretend to have all of the answers, but I am here if I can help answer any questions. I’m also here for anyone who is having a tough time and needs to talk. We will make it through this, and we will be stronger and more resilient on the other side!
Stay safe & healthy!
