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SoHo NEWS & TIPS
Helping You Make the Most of Your Small Office/Home Office
SoHoTIPS.com
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Comment The Post Below...
Greetings,
Today I have included some information to help you finance
your franchise purchase. I have also featured a press
release involving our video portal, EVTV1. Hope you enjoy
this issue!
Best,
Mandi
Be sure to visit the SoHo News and Tips blog!
SoHo News & Tips Blog
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NEWS & TIDBITS
- Boeing is fined $15M for arms control violations...
- Verilink fires its CEO and CFO and voluntarily
enters Chapter 11...
- JPMorgan and Bank of NY swap businesses...
- Delphi gets the green light from a bankruptcy
judge to offer retirement packages to thousands
of employees...
- U.S. regulators are investigating BP's management
of Alaska's North Slope pipelines...
- Bausch & Lomb Inc. shares continued their free-
fall fter the company said the source of an
increase in fungal infections linked to one of
its lens solutions remains a mystery...
- Gasoline prices are surging again with summer on
the horizon...
- Business software maker Oracle Corp. said it will
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Three Tips For Financing Your Franchise Purchase
By Julie Bennett
1. Get to know your banker.
The personal approach worked for former insurance
salesman Dell Cannon, 54, of Lubbock, Texas. He'd
met Bob Cosby, the new senior vice president of
City Bank in Lubbock, at a mutual friend's birth-
day party. Last year, while he was checking out
franchises, Mr. Cannon visited Mr. Cosby at the
bank to give him updates. Once he'd chosen Budget
Blinds, of Orange, Calif., Mr. Cannon dropped off
Budget Blinds's financials and other documents so
Mr. Cosby could check out the franchise himself.
Mr. Cosby approved Mr. Cannon's request for an
$87,000 loan (out of a total investment of
$110,000) payable over three years at a variable
rate of about 9%. He also became the franchisee's
first customer. Mr. Cosby and his family had
recently moved to the community. "It was a service
we needed ourselves," he says.
2. Find out if an expedited approval process is
possible.
Most franchise loans are made by national banks
and finance companies, which usually require a
guarantee by the U.S. Small Business Administration
(SBA). Until recently, you could expect securing
a SBA-guaranteed loan to take at least three months,
but in some cases the wait can be considerably
shorter.
When Terry Plemons, 51, of Southlake, Texas, need-
ed to borrow $100,000 to open a CertaPro Painters
franchise (total investment $150,000), his loan
application was approved in six weeks.
One reason was that the CertaPro Painters system
is listed on the SBA's Franchise Registry, a
program that offers an expedited loan-approval
process to eligible applicants seeking to buy into
franchises on its pre-approved list. About 561 of
the more than 2,000 franchise systems actively
seeking new franchisees are listed, according to
FRANdata, a research firm in Arlington, Va., which
administers the Registry in partnership with the
SBA.
Mr. Plemons also sought out SBA preferred lenders,
institutions that can make loan approvals in-house,
rather than having to send small-business applica-
tions to one of 75 SBA regional offices. He down-
loaded a list of SBA preferred lenders in the
Dallas-Fort Worth area from the SBA's Web site and
started "dialing for dollars," he says. He called
preferred lenders within driving distance of his
future franchise territory, sent his business plan
to those that were interested, got four or five
offers and received his money before he started
CertaPro Painters training classes last summer.
3. Don't give up after one rejection.
Eric Hamilton, 42, of Maple Heights, Ohio, says he
was turned down by three Cleveland-area preferred
lenders when he was buying a Signs for Tomorrow
franchise. Then Huntington National Bank in Cleve-
land approved a loan for $140,000 (total investment
about $200,000). He opened his sign shop in
September 2005.
Continued below....
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Mr. Hamilton, a former stockbroker, says the other
lenders were concerned that the franchise would
not generate enough income to support his life-
style. Robin Griggs, vice president and credit
specialist at Huntington National Bank, says she
felt that because Mr. Hamilton's wife works, the
risk would be offset. "Once I met Mr. Hamilton, I
knew he had some of the things we look for in
people -- education, success in a former career
and a good personal credit record," Ms. Griggs says.
"I think it's a weeding-out process," says Mr.
Hamilton. "People who give up easily were never
meant for business ownership."
EVTV1 and Peak Advertising LLC Announce Joint
Venture
Mokena, IL – Online video portal, EVTV1, and full
service agency, Peak Advertising, LLC, announced
a joint venture to create The Shopping Channel.
This channel will be carried on EVTV1's website
located at www.evtv1.com and will also be syndica-
ted to websites through Vidsense.
Peak Advertising LLC will be responsible for
securing all content and programming for the
channel. The Shopping Channel will consist of
migrating short form, direct response commercials
to the web. The DR commercials are the content for
the channel. Peak Advertising LLC President, Steve
Berns said, "Creating a channel on a content site
for direct advertising is the type of forward
thinking idea that Peak Advertising is all about.
We are excited by the opportunity to work with
EVTV1 to bring a new advertising venue to the
providers of direct-to-consumer products."
EVTV1 President, Jaffer Ali commented, "The Shop-
ping Channel has been planned for quite some time.
We were just looking for the right partner. Peak
Advertising LLC is the perfect partner for us
because they have the understanding of what kinds
of product commercials will be viewed by the
internet audience. Our responsibility is to provide
the traffic and theirs is to program the channel.
We are excited about working with Peak and helping
The Shopping Channel to become a premiere destina-
tion for consumers looking to purchase products
online."
The Shopping Channel represents EVTV1's commitment
to offering the widest possible array of content
and choices for viewing video online. The scheduled
launch for this channel is May 1st.
DID YOU KNOW?
An underwriter is a company that handles all the paperwork
and filings associated with marketing your stock. Under-
writers must be licensed to sell stock, so they are usually
affiliated with an investment firm or brokerage. The
underwriter will often determine the success of an initial
public offering.
So what did you think about this issue? Drop me a line and let
me know at mailto:mandi@gophercentral.com
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