Entrepreneurs' Options for Capital and Inventory Financing Broaden with Addition of SBA Loan Programs for Small Business Owners
December 30, 2008 // Franchising.com // PLANO, Texas - ColorTyme today announced it has reached a milestone in its financial-assistance program offerings with the addition of SBA loans to its growing portfolio of finance options. "No other rent-to-own (RTO) franchisor has such a broad spectrum of capital and inventory financing programs in its arsenal," said Jim Deering, director of franchise development for ColorTyme and RimTyme. "Coupled with the special fee structures and discounts we have created for highly qualified applicants and military veterans, I can think of no other small business opportunity as attractive as a ColorTyme or RimTyme franchise," he added.
Recently the U.S. Small Business Administration revised its franchise eligibility guidelines and operating procedures, implementing a streamlined review process that expedites the processing of SBA loans. As part of that review process ColorTyme has been named an approved SBA franchisor and is listed on the SBA's Franchise Registry.
ColorTyme has long offered strong financial incentives for franchisees that needed financial assistance to own their own business, Deering said. "With our newest financing programs, owning a ColorTyme or RimTyme store franchise is now a realistic option for entrepreneurs from diverse business backgrounds." Deering said. ColorTyme also provides 100 percent store-inventory financing, capital loan, pay-day-loan and custom-wheel-and-tire financing.
ColorTyme franchisees operate 210 rent-to-own/rental-purchase stores in 34 states; RimTyme operates an additional 18 stores in eight states. The company is headquartered in the Dallas suburb of Plano, Texas, and is an independent, wholly owned subsidiary of the largest RTO company in the world, Rent-A-Center (NASDAQ: RCII).