Secure a Franchise Loan with Help from the Small Business Administration (SBA)

Just the thought of beginning the business loan application process may give you an instant migraine, but if you're considering investing in a franchise, chances are you are going to need financial

Your first step should be to look into the possibility of securing a loan from a commercial lending institution. Do your homework on which ones can offer you the best possible deal on a franchise business loan. Ideally, try to find a loan that a.) has low interest; b.) has little or zero fees; and c.) matures over a long period of time. Begin by talking to lending institutions that are already familiar with you as a customer, such as banks where you may have a checking and/or savings account.

When you meet with representatives of these lending institutions, have a solid business plan drawn up and make sure your finances are in order (including any outstanding debts). Should your loan application be turned down due to the fact that you seem too great a financial risk, then it's time to contact the Small Business Administration (SBA).