LeaseQ, an online marketplace that connects business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, announced the LeaseQ Franchise Platform, an equipment financing platform built specifically for franchise industry borrowers. The LeaseQ Franchise Platform is designed to address the unique requirements of franchises opening a new location, remodeling or refreshing an existing concept.
The LeaseQ Franchise Platform provides instant quotes for franchise industry borrowers with A++ to D credit, using a single application and soft credit pull. LeaseQ has partnered with the leading equipment financing companies in the franchise industry, such as Direct Connect Franchise Financing, a division of premier SBA leader Direct Connect Ventures (DCV), to provide competitive rates across a broad spectrum of financial and equipment needs, including:
- New gym openings and startup financing
- Refurbish and refresh financing
- Sale leaseback, soft cost and installation financing
- Custom financial solutions for new and existing concepts
- 1-7 year terms
“We are essentially bringing captive financing as a service to the franchise market,” said Cory Damm, vice president of client services and general manager of fitness vertical market group at LeaseQ. “The LeaseQ Franchise Platform is custom built to ease the financing process for franchisees, and for franchisors who want to offer a complete, robust financing solution to their franchise base.”
The franchise industry is growing faster than the general U.S. economy with no sign of slowing down anytime soon, according to the International Franchise Association (IFA). There are 800,000 franchise businesses generating $550 billion in sales today. Financing or leasing equipment is the best way for franchises to manage cash flow despite their many financial requirements: franchise fees, buildout costs, royalties, marketing, tenant improvement, equipment purchase and operating capital.
“Banks can love your idea and see your progress, but at the end of the day, they look at one or two factors. We started to expect to hear no and pray for yes. LeaseQ was the total opposite of what we’d been running into. It was a very clean process and every time we spoke with them, we’d ask, ‘Is this really happening?’” said Isaiah Stanback, former Dallas Cowboy, Super Bowl XLVI Champion, and co-owner of Steadfast Fitness and Performance.
For more information about the LeaseQ Franchise Platform, perfect for all health and fitness franchises, visit www.leaseq.com/franchise.
This press release was contributed by LeaseQ.
