- Hand & Stone Secures $10 Million in Initial Funding to Drive its Expansion Across U.S. -
NORTH WALES, Pa., Jan. 7, 2014 /PRNewswire/ -- Benetrends, the trusted leader in franchise funding, announced today the creation of a new proprietary $100 million franchise financing program. The new franchise lending program was created to help International Franchise Association franchisor members provide qualified candidates with direct access to capital for new store development. Hand & Stone, a rapidly growing spa franchise, is the first franchisor selected by Benetrends to participate in the new fund. Hand & Stone has been provided $10 million in initial capital to assist with its franchise growth.
Benetrends is excited to now provide franchisors and their franchisees access to the critical funding needed to expand their current operations or purchase their first franchise," said Rocco Fiorentino, president & CEO, Benetrends, Inc. "We're pleased to award Hand & Stone the first $10 million from the new fund as they look to meet their future development needs following their record-setting growth in 2013."
Franchisors and franchisees selected to participate in the program benefit from:
- Direct access to capital
- Simplified qualification process
- Dedicated loan officer from application to closing
- Loan proposals within 48 hours of receiving initial application
- Loan commitments within 10 business days of receiving loan package
- Consistent communication with lender and single point of contact
- Experienced PLP SBA lender
"Capital access challenges are going to affect every franchise system's unit expansion for the next few years," said Bob McQuillan, Hand & Stone vice president of franchise development. "The days of building relationships with preferred lenders in advance of expected loan applications are gone and we're now experiencing a paradigm shift in the ways franchisors and lenders interact. A fund like Benetrends will continue to allow brands such as ours to grow organically and bring in best-in-class franchisees and operators."
In addition to the new franchise financing program, Benetrends also offers a full suite of funding options to help entrepreneurs secure the capital needed for their small business or franchise. The company originated the 401(k)/IRA tax-deferred and penalty-free rollover process more than 30 years ago and has created more than 85,000 jobs with $4 billion in retirement assets invested in America's small businesses. Additionally, Benetrends features a wide range of loan options covering every type of business need, including SBA loans, equipment leasing, merchant cash advances, securities-backed lines of credit, and more.
"Part of ensuring sustained franchise growth across the country includes offering access to strong, franchise-focused lending programs such as Benetrends new $100 million fund," said Steve Caldeira, president and CEO, International Franchise Association. "In doing so, we are providing both existing and prospective franchisees with the tools and financial resources they will need for long-term growth and success."
Benetrends is the authority in franchise and small business funding, and is acclaimed for its Rainmaker Plan that enables entrepreneurs to use their qualified retirement plan to purchase or recapitalize a business or franchise, tax deferred and penalty free. Benetrends originated 401(k)/IRA Rollover Funding helping over 10,000 entrepreneurs in the last 30 years. Benetrends provides a comprehensive suite of small business solutions including SBA Loans, Securities Backed Lines of Credit, Equipment Leasing, Commercial Insurance, Individual and Group Healthcare, Payroll Services and more. To learn more about Benetrends, please visit www.benetrends.com.