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OUR FRANCHISEE FINANCING CONSULTING STRATEGY
- One: We do an initial qualification via telephone as we answer some of your questions that relate to your personal situation
- Two: We provide you with our Engagement Agreement, which is a contract describing our services, cost and deliverables to you. You will also receive an initial set of forms to be completed (SBA Personal Financial Statement, SBA Statement of Personal History, Investment Funds Required, and Personal Income and Expense Analysis). With the completion of these forms, we can better answer your questions and advise you on your finance options. If we determine that we will be unable to help you obtain financing we will return a portion of the initial deposit to you
- Three: You are provided with two templates that help you create your business plan. The first template details specific information regarding your location, competition, area demographics, and other general and specific information. We will also send you our Three Year Pro-Forma Profit & Loss Plan template which quickly gets you to focus on your sources of revenue, profit margins, sales and marketing expenses, and general and administrative expenses
- Four: After you have approved your plan's description of your business as well as your 3 Year Pro Forma Profit and Loss Plan, SBG will create your business plan to include additional information requested by lenders so that we can create a Business Plan/Loan Package
- Five: We present your business plan/loan package to one or more of the regional and nationwide lenders we work with. The lender's loan officer will review your plan using the lender's loan analysis profile. If your business plan/loan package meets the lender's profile, the loan officer will forward it to the lender's loan underwriting department
- Six: Strategic Business Group works with you to answer questions from our lenders. When the lender is satisfied with your business plan/loan package, their loan committee or underwriter issues you a "Commitment Letter" detailing the terms and conditions under which the lender will make you a loan. You review the Commitment Letter with your advisors and if you accept the terms and conditions you will issue an acceptance of the letter by following the lender’s instructions outlined within their letter
- Seven: Once you have accepted the lenders Commitment Letter, you will work directly with them to get all legal documents completed and signed. The lender will then begin providing you loan advances in order to acquire the space and assets needed to open your business. Total elapsed time can be less than 60 days from SBG’s receipt of initial documents until you start receiving money. Lenders require that all costs be documented including tenant improvements, rent, etc. You will also need a signed Letter of Intent (LOI) from the landlord stating the terms and conditions for a lease. You do not have to sign a lease prior to loan approval
To receive the Engagement Agreement and initial documents to get started, please contact us at 651-484-0093
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