So you would like to become a Dr.PhoneFix franchisee, but maybe you don’t have a lump sum of cash just sitting in your bank account – that’s okay! There are plenty of financing options to help motivated franchisees afford their location.
Check With Us!
We are experienced in helping our potential franchisees obtain funding. If you don’t have cash lying around or just aren’t sure where to start your financing journey, contact us today for help. We can help you determine what would work best for you and your business. While our franchise fee must be paid upfront, if you have good credit, Dr.PhoneFix can finance up to 40% of the remaining cost.
Some business professionals that made it a point to save money, or that have had a profitable career, may have the funds to pay for their franchise location is cash – and that’s fine with us! Paying for your franchise with cash eliminates the needs for a loan and therefore you don’t have to go through the application process or pay high interest rates.
Take Out A Loan
Banks and credit unions both offer business loans for professionals that want to invest in a franchise. If this is an option your considering, we recommend reaching out to the bank or credit union you belong to for information about applying, rates and all the other necessary details like how long the approval process takes for example.
Home Equity Loan
Depending on the value of your home, you may be able to pay for your franchise location through a home equity loan. Using your home as collateral can offer access to more money as well as competitive interest rates. For homeowners with a majority of their house paid off, this can be the best financing option.
Check For Special Programs
Women, minorities and veterans should all check into additional funding programs. There are many organizations that will give loans or grants to specific demographics if they wish to open a franchise location. They may be able to obtain better interest rates or larger tax benefits.