- Sport Clips Haircuts Secures $10 Million in Initial Funding to Drive Expansion across U.S.
NORTH WALES, Pa., March 26, 2014 /PRNewswire/ -- Benetrends, the trusted leader in franchise funding, announced today Sport Clips Haircuts has secured funding through its new $100 million franchise financing program, which launched in January. As the nation's largest franchise dedicated to men's and boys' hair care, Sport Clips Haircuts will receive $10 million in funding to drive its expansion across the U.S.
"In less than two months, Benetrends has already provided more than $20 million to franchisors and their franchisees to grow their businesses in markets across the U.S.," said Rocco Fiorentino, president & CEO, Benetrends, Inc. "Access to adequate capital plays a key role in ensuring not only short-term growth, but also long-term success for franchise-owned businesses. This year alone, franchises are expected to create 200,000 jobs and add $493 billion to the U.S. GDP."
Benetrends' $100 million fund was created to help International Franchise Association franchisor members provide qualified candidates with direct access to capital for new store development. Sport Clips Haircuts is the second franchisor selected by Benetrends to participate in the new fund. In January, Hand & Stone, a rapidly growing spa franchise, received $10 million in initial capital to assist with its franchise growth.
"Sport Clips has been recognized for being one of the fastest-growing franchises in the industry, and we have aggressive plans to continue that momentum throughout 2014," said Gordon Logan, founder and CEO of Sport Clips Haircuts. "Benetrends' development fund will help us meet our goal of opening 180 additional locations with both new and existing franchisees nationwide."
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
Benetrends, recently named a 2014 Future 50 winner by Philadelphia SmartCEO, 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.
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.
About Sport Clips Haircuts:
Sport Clips Haircuts is headquartered in Georgetown, Texas. It was established in 1993 and franchised in 1995 by founder and CEO Gordon Logan. The sports-themed haircutting franchise, which specializes in haircuts for men and boys, is ranked by Entrepreneur Magazine as one of the top 20 "Fastest-Growing Franchises" and in the Top 40 in the "Franchise 500." Sport Clips is the "Official Haircutter" of the Veterans of Foreign Wars (VFW), offers veterans preferential pricing on haircuts and franchises, and was named as one of the "Top Franchises for Veterans" by Franchise Business Review. Our "Help A Hero" program has raised more than $2 million to help deployed and hospitalized U.S. service members call home through the VFW's Operation Uplink™ and provide scholarships for veterans transitioning to a civilian career. Sport Clips is a proud sponsor of Joe Gibbs Racing's NASCAR drivers Denny Hamlin, Elliott Sadler, and Drew Herring, and partners with numerous NCAA and professional sports teams. To learn more about Sport Clips, visit www.sportclips.com.