Financing Available for New Fantastic Sams Franchise Locations
From startup costs to payment processing, new programs from The Bancorp will help Fantastic Sams salon franchise owners start off right
When an entrepreneur decides to open a Fantastic Sams salon franchise, he or she has a lot to do right away. Finding a location, interviewing stylists, ordering inventory … the list can seem endless. Having a solid financial partner to help with all that, as well as with putting a payment-processing program in place, is a vital piece of the puzzle.
That’s why Fantastic Sams is pleased to announce a new partnership with The Bancorp, a national lender with a long and successful history of helping franchise owners with various financial needs. For Fantastic Sams, that is taking the form of a Preferred Lending Program for all salon startup costs, as well as best-in-class, PCI-compliant credit card processing, which means franchisees are able to handle new, chip-embedded credit and debit cards.
A trusted partner from the outset
“We are so pleased to be working with The Bancorp, because it means that a well-known and trusted lender sees the value of a Fantastic Sams salon franchise opportunity,” says Linda Chadwick, President and CEO. “There are lots of ways to finance a new franchise, but being able to partner with a lender who has years of experience in this area, and who can help with payment processing, as well — that’s a very solid way to make it happen.”
That depth of experience can’t be oversold. Many potential Fantastic Sams salon franchise owners pursue financing with their local banks, but then they hit roadblocks because the banks don’t have loan officers or anyone on staff who understands the unique business structure of a franchise operation.
“Even if there are no credit issues and there’s a prior relationship, the banks sometimes say no to a loan because they don’t understand how royalty payments and other franchise elements work,” Linda explains. “That’s not a failing of the bank, or the individual. This is a specialized business model, and The Bancorp knows it inside and out. They are wonderful to work with, as our owners will be finding out, because they can answer questions right away and make the process seamless and easy.”
A scalable relationship for future growth
What’s more, The Bancorp’s national reach means that it can work with Fantastic Sams salon franchise owners anywhere in the country, and also work with them as they open multiple units — whether in one market or multiple markets.
“Many of our franchise partners open several salons, and so scalability is a very big deal for us,” Linda says. “The Bancorp works with that, because once they have a relationship with an owner, they are able to help that person grow his or her business. It’s just another reason why they are such a good partner for us.”
The payment processing aspect, she adds, is another major benefit.
“They can handle ACH, or automatic clearing house, processing, which includes collecting royalties and paying for marketing and other franchise obligations,” she says. “That means that there’s one common payment architecture to support the entire business.”
Fast loans at competitive rates. A partner who understands the unique needs of a franchise owner. The Fantastic Sams-The Bancorp partnership is a win for everyone involved.