Quiznos Launches Microloan Initiative to Expand Opportunities for Franchise Owners
Quiznos' Microloan Initiative to Help Successful Franchisees Expand in Current Economy
Denver--(BUSINESS WIRE)--Quiznos, one of the nation's premier quick service restaurant chains and pioneer of the toasted sandwich, today announced a microloan initiative established to provide funding for current franchise owners seeking to expand their involvement with the brand. The initiative is designed to help mitigate the effects of a difficult lending environment.
The microloans are available to existing owners with a strong operational history and are intended to be used for the acquisition of new high-quality sites and the re-opening of existing Quiznos sites.
"We see this microloan initiative as an excellent way to invest in our franchise owners," said Rick Schaden, Quiznos founder and CEO. "We know these sites have tremendous potential under the right ownership, and we look forward to helping good owners realize greater profitability and overcome the obstacle of the current credit market by providing the necessary capital."
Quiznos' microloans will vary according to individual circumstance. Based on the success of Quiznos' first microloan in February of this year, six additional franchise owners nationwide are in the process of securing microloans from Quiznos and many more are under consideration.
Martin Dang, a franchise owner who currently operates a Quiznos location in Boulder, Colo., plans to reinvigorate two additional Colorado locations in Westminster and Louisville by the end of the month with the assistance of the microloan initiative. The microloan will be used to replace and update equipment in the newly-acquired sites.
"With this microloan program, Quiznos is demonstrating they understand the impact of the economic situation and are willing to support their franchise owners," said Dang. "Quiznos truly wants its franchise owners to be successful and they recognize when we succeed, they succeed."
The microloan initiative is another of Quiznos' innovative techniques, along with its lease renegotiation program launched earlier this year, meant to help curb the impact of the challenging economic environment and provide opportunities for greater franchise owner profitability.
Celebrating its 27th anniversary, Denver-based Quiznos is a national chain designed for today's busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast food restaurants. Using only premium quality ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads. With more than 5,000 franchise restaurants, Quiznos is one of the fastest growing quick service restaurant chains.
In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association's (MSPA) 2007 Wait Time Study. In May 2007, Zagat's consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors. In June 2006, Nation's Restaurant News ranked Quiznos in its Top 100 Restaurant Chains as the #1 restaurant chain in growth in number of units--five years in a row. Entrepreneur magazine in January, 2006 ranked Quiznos in its annual Top Franchise 500 as the #2 Best Overall Franchise and QSR magazine ranked the chain in its Top 50 Chains in August, 2005 as #3 by change in system-wide sales.