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What is a proprietary lending program?

February 12, 2014

Benetrends+bannerad.jpgAlthough the structure of proprietary lending programs can vary, typically your funding partner will work with one or more banks to set aside a block of money to be used exclusively for your franchise concept by providing loans to your candidates.  Proprietary lending programs can simplify your funding issues, increase candidate’s confidence in your system, project a strong brand image and catapult your unit growth.

Having a program partner gives you much more control over the funding process.  Your concept is “underwritten” so that the lender becomes well educated regarding your franchise. The lender needs to understand the nuances contained in your concept: how it works, why it works, what makes a location successful and what obstacles need to be avoided or overcome.

A proprietary lending program will establish the appropriate “credit box” or set of criteria through which your clients will be analyzed to ensure the greatest likelihood of success for funding approval.  In addition, because your lending partner knows the credit requirements, prequalification’s are much quicker, which can save you from wasting your valuable time should a candidate be determined to be un-fundable. (more…)

$100 Million Franchise Fund

February 11, 2014

Benetrends+bannerad.jpgBenetrends is proud to announce a new $100 Million franchise fund. 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 Benetrendsto 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 (more…)

Intellectual Property Lessons Learned

February 10, 2014

Standing on stage, Cynthia Schames, Founder & CEO of AbbeyPost, realized she needed a patent before her Women 2.0 pitch that was scheduled the next day. For many, being a pitch competition finalist is stressful enough; filing a provisional patent overnight is an unnecessary distraction. One of our mantras is that you cannot protect your Intellectual Property (IP) unless you know what IP you have. Unfortunately, many postpone identifying their IP and even more wait until disaster strikes.

Luckily, Cynthia’s pitch coach asked if she was prepared to answer questions from judges about how she protected her IP. AbbeyPost licenses a patented 3D body scanning technology called Find Your Fit, which accurately and quickly scans a shopper’s body for specific measurements and shape. The scanning technology didn’t concern Cynthia, but rather her company’s proprietary know-how, process, and use of data to create real-time-manufactured, made-to-measure clothing.

Cynthia needed protection before she pitched (and won) in a public setting. Not protecting your ideas before widely sharing the details may result in loss of international patent rights.  (more…)

Success Story: Idaho

February 5, 2014

State: Idaho
Center: Idaho SBDC, Region V
Client Name: Straight Forward Auto Service

Gary Warren worked for years to build his reputation as a trustworthy mechanic in the city of Soda Springs in rural southeast Idaho. In early 2012, Gary decided to fulfill his long held desire of going into business for himself and owning his own repair shop.

With assistance from the Small Business Development Center (SBDC), Gary’s market research showed he had the network to produce viable cash flow and secure ongoing clients. Yet finding funding for his new venture proved a challenge. (more…)

14 Creative Ways to Use Images on Facebook in 2014

January 30, 2014

Images were a huge part of Facebook and other social networks in 2013,  but you can expect these sites to get even more visual in the New Yea. And with good reason– pictures can drive big engagement on Facebook, as much as 120 percent more engagement than text-only posts.

Luckily, with the popularity of smartphones, it’s never been easier to snap a photo, add a comment or a question, and upload it to social media. Following are 14 creative ideas to help you get started with using images on Facebook :

1. Spark a conversation: Look for ways to engage your fans in a conversation. You can use an image to catch their attention and text to encourage a response.

2. Go behind the scenes: Give fans a peek behind the curtains with images that show all of the work that goes into the products you sell and the services you provide. (more…)