The current credit crunch is making it extremely difficult to get start-up franchise/business funding, and as much as the folks in Washington DC- including Karen Mills over at the SBA are pressing the banks to “open their vaults,” I’m just not able to actually see inside them. This has me worried. Big time.
It’s one thing for banks to tighten things up a bit, especially after last year’s nightmare, but to not even open for business? Am I missing something?
The folks over at Fox Business News wanted to do some digging on this topic, and I was just asked to comment about the credit crunch, and it’s impact on franchising.
Here’s the really frightening thing I shared;
“I was talking with a major Cleveland-area lender recently, and I asked him ‘If I sent you someone with a million dollars who was looking for a $250,000 loan for a franchise – putting up $100,000 of his own – what would you tell him?’
Go here to see his unbelievable answer, then come back to this article-there’s more I have to share…
So, now that you know how things look from a bankers side of the desk, do you think it may be a good time to invest in a franchise of your own?
I have your answer, as well as some comments about the Burger King franchisee lawsuit, who really makes a good franchisee, and a couple of other real facts about franchising, in this Fox Business News web-interview.