FASTSIGNS Secures $15M in Franchise Expansion Funding from Financial Firm Benetrends
CARROLLTON, TX—January 27, 2015—Due to continued high growth and increased demand in franchise opportunities, FASTSIGNS International has expanded its relationship with Benetrends to provide up to $15 million in funds to start-up and expanding franchisees for new center development. Benetrends has long partnered with FASTSIGNS as a provider of 401(k) rollover funding, or its Rainmaker Plan.
"We are proud to partner with Benetrends to provide new and existing FASTSIGNS franchisees with access to millions in capital, with an expedited SBA loan approval process and attractive terms," stated Catherine Monson, CEO of FASTSIGNS. "This expanded relationship with Benetrends will help us maintain our industry leading position and further fuel our growth."
The company’s previous agreement with Benetrends allowed for assistance in helping FASTSIGNS franchisees utilize their qualified 401(k) or IRA to fund the opening of their franchises. This extended partnership will help the burgeoning franchise continue its franchise growth momentum, having signed 45 new franchise agreements in 2014 and plans to sign more than 50 by year’s end in North America.
"We have a great partnership with FASTSIGNS and are excited to accelerate their growth by allocating $15 million in funds to their franchisees," explained Rocco Fiorentino, president and CEO of Benetrends Financial. "The company’s high franchisee satisfaction, top performing unit level economics and innovation make them an ideal partner in our proprietary franchise fund program."
With its 30-plus year history, Benetrends is a trusted leader in franchise and small business financing. The company’s proprietary franchise fund was created at the beginning of 2014 to help International Franchise Association franchisor members provide qualified candidates with direct access to capital. As a member of the Benetrends proprietary fund, FASTSIGNS and its franchisees benefit from a simplified qualification process, dedicated loan officer from application to closing, consistent communication with lender and single point of contact, and access to experienced Preferred Lenders Program (PLP) SBA lenders. Franchisees also receive a loan proposal within two business days of receiving the initial application and loan commitments within 10 business days of receiving a loan package.
Because of this new agreement with Benetrends and an existing partnership with Franchise America Finance, the worldwide franchisor of more than 570 FASTSIGNS sign, graphics and visual communications centers now has $21 million in funding available for franchisees, including those who purchase existing FASTSIGNS centers.
FASTSIGNS International is the worldwide franchisor for the more than 570 FASTSIGNS sign, graphic and visual communications centers in eight countries, including the United States (and Puerto Rico), Canada, England, Brazil, Mexico, the Caribbean, Saudi Arabia and Australia (where centers operate as SIGNWAVE). FASTSIGNS centers, which are independently owned and operated, provide comprehensive visual communications solutions to help customers of all sizes—across all industries—meet their business objectives and increase their business visibility through the use of signs, graphics, printing, promotional products and related marketing services.
FASTSIGNS was named the top sign and graphics franchise by the Franchise Research Institute and earned certification as a 2014 World-Class Franchise by the organization for the eighth consecutive year. It was also recognized by USA Today, G.I. Jobs magazine and Franchise Business Review as one of the top franchises for military veterans.
About Benetrends Financial
Benetrends Financial, named a 2014 and 2015 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 with its Rainmaker Plan, helping over 10,000 entrepreneurs in the last 30 years. Additionally, Benetrends features a wide range of loan options covering every type of business need, including SBA loans, equipment leasing, securities-backed lines of credit, and more.