Hey, Business Bankers: Do You Know The Best Ways To Finance A Franchise?

Business Banking Newsletter: Get notified when new articles like this one get published by subscribing to the Business Banking Newsletter using the following LinkedIn link: https://www.linkedin.com/newsletters/7026323952511700992/.

Business clients and prospects are always interested in hearing what you can do to help them! For example, informing them about the different ways to finance a franchise.  One of the most effective ways to get prospects’ attention is buy showing them that you understand the challenges they are facing in the marketplace and are aware of the opportunities that will help them grow their businesses.  You can serve up valuable insight when you are trying to connect with a prospect, retain an existing client, or trying to land a new referral source. 

The key to serving up valuable insight is not to immediately start talking about your products or rates.  Serving up valuable insight is a way to start a constructive and probing conversation that will pave the way for a very effective sales pitch…about your products and rates.  If you want a crash course on serving up valuable insight, check out the free Commercial Lending Toolkit at www.bizpetrol.com.  It includes a digital marketing course that walks you through the process of using digital marketing tools to fill your pipeline. I strongly recommend that you spend 30-45 minutes a day reading articles on topics that matter to your business clients, prospects and referral sources. This will build up your “valuable insight inventory” and will help you consistently win over prospects and keep your pipeline filled.

I came across an article titled “The Best Ways To Finance A Franchise.”  See article link below. It is a very quick read, but it gives you enough valuable information to have a good conversation when the topic comes up. The article recommends using SBA Loans, Conventional Loans, Home Equity Loans, Securities-Backed Lines of Credit, and Franchisor Financing. It also has a few recommendations on how to prepare to apply for franchise financing: create a statement of purpose, write a business plan, and put together a loan application package.

If you are not familiar with all the types of projects you can finance with SBA loans, check out the free Commercial Lending Toolkit at www.bizpetrol.com.  It includes a lesson on the most common types of business loans available in the marketplace. If you want to become a Business Banking Rockstar, you need to be able to field all types of questions and serve up a polished response that will make you sound like pro! If you do this consistently, prospects and referrals sources will be quickly convinced that you can provide the solutions they need!

Bizpetrol has information, knowledge and tools that will help you become a Business Banking Rockstar.  You can start elevating your business credit skills using the free Commercial Lending Toolkit at www.bizpetrol.com. You can see all the Business Banking articles (like this one) at www.bizpetrol.com/blog. You can access a series of how-to business banker guides at https://www.bizpetrol.com/Downloads-Free-Opt-In.

Follow #bizpetrol on LinkedIn if you want to see more articles like this one in your feed! If you found this article to be useful, please do me a huge favor and spread the knowledge by sharing the article with your colleagues!  Visit www.bizpetrol.com/blog for a complete listing of all previously posted articles. 

Article Title:  Best Ways To Finance A Franchise

Article URL: https://money.usnews.com/loans/small-business-loans/articles/best-ways-to-finance-a-franchise