Leading national bank lenders recommit to Fantastic Sams for franchisee financing programsFebruary 12, 2018
Financing programs for Fantastic Sams franchisees continue into 2018 and beyond after growth validates strength of brand
Fantastic Sams, the oldest full-service family salon franchise in the country, is experiencing record license sales. It is proud to continue to provide financing options to its franchisees after successfully working with these banks for the last two years.
In 2017, 47 new Fantastic Sams salons opened across the U.S. With the partnerships with The Bancorp Bank and Radius Bank in place, there were 31 multi-unit and single-development license agreements signed last year. Right now, there are 170 planned for development.
“We demonstrated enormous success and growth last year, which validates the strength of our brand,” says John Costanza, President and CEO of Dessange Group North America, the parent company of Fantastic Sams. “Our success allows both Radius Bank and The Bancorp Bank to feel confident about their investments and continue to make it easier for current and potential franchise owners to realize their business goals.”
Easier pathways to franchisee financing
Whether they want to become a first-time salon owner or expand their existing businesses, Fantastic Sams franchisees have several easy options to help them with financing. The Bancorp Bank, a financial services leader that provides private-label banking to non-bank companies, offers working capital financing for all salon startup costs after owners put down an initial 15% percent. Additional unit financing requires less cash up front, allowing Fantastic Sams franchise owners to grow their empires with ease. There is a similar program in place for franchisees working with Radius Bank, a full-service, well-capitalized bank with clients nationwide.
The initial cost of owning a Fantastic Sams salon starts at $145,362, and entrepreneurs are offered incentives to open multiple units at a time. The strategic partnerships with Radius Bank and The Bancorp Bank allow new and existing owners to receive financing as part of the application process, rather than spending weeks, or even months, waiting for bank approvals.
If you’d like to learn more about the franchise opportunities available for multi-unit and single-unit buyers, as well as our franchisee financing programs, please fill out the short form on this page. You can also explore our research pages to learn more about the Fantastic Sams franchise opportunity.