The Bancorp Bank Approves $4 Million Expansion Funding Program for New FASTSIGNS(R) Franchise Centers
August 23, 2010 // Franchising.com // CARROLLTON, Texas – FASTSIGNS®, the world's premier business-to-business marketing solution, sign, and graphics franchise, announced today that it has been approved for a new franchisee lending program created by The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), and Franchise America Finance™.
Bancorp has agreed to provide up to $4 million to start-up and expanding franchisees for new center development. This capital allows FASTSIGNS to continue its franchise growth momentum and stimulate the economy by creating new permanent and sustainable jobs. FASTSIGNS is the second franchisor that has been approved by The Bancorp Bank for its new lending program thus far.
"With over 350 markets ready and approved for development, this program provides the necessary capital for franchise candidates that will allow us to continue building upon the strength of our brand," said Catherine Monson, CEO of FASTSIGNS International, Inc. "This is extremely positive news for potential franchisees who want to grow with the FASTSIGNS system."
This national franchise lending program is the only one of its kind, founded on a collaborative effort between the lender and franchisor to provide a predictable model for franchise financing. Specifically created for start-up and expanding franchise businesses, the program is limited to top performing franchise systems. Funding is available nationally for new and existing franchisees (of approved franchisors) who meet predetermined standards set by The Bancorp Bank.
"We are thrilled to have FASTSIGNS as our second approved franchise system in our strategic alliance with The Bancorp Bank," said Ronald Feldman, CEO of Franchise America Finance, the exclusive franchise program manager for Bancorp. "FASTSIGNS's metrics, especially their strong unit economics, fit our goals in providing capital to franchisees to start their businesses." He added; "We anticipate adding a number of additional franchise systems in the coming weeks."
"The Bancorp Bank is pleased to offer a streamlined approach to franchise lending. We see our franchise program as a great source for job creation to stimulate the US economy," said Diane Gallion, SVP of Government Guaranteed Lending for Bancorp.
FASTSIGNS International, Inc. is the worldwide franchisor for the more than 530 FASTSIGNS® sign and graphic centers located in the US, Canada, the UK, Brazil, Mexico and Australia (where centers operate as SIGNWAVE®). FASTSIGNS® sign and graphics centers leverage sign and marketing knowledge, state-of-the-art technology and innovative thinking to solve customers' marketing and communications challenges—from the simple… to the simply impossible™. Centers provide consulting, project management, file transfer, design, production, delivery and installation for a full range of custom sign and graphic solutions.
About Franchise America Finance™
Franchise America Finance, LLC (FAF) was formed by a group of franchising professionals to address the void in the capital markets for franchising. FAF's services are in addition to the core franchise finance services that are performed by Siegel Financial Group™. FAF can provide senior and subordinated debt, mezzanine financing, and equity for franchisors and franchisees. Franchisors interested in participating in this program should contact: Ronald Feldman or Nate Greenberg at (610) 668-9780.
The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity programs nationwide. These programs enable members, employees, and customers of Bancorp and its affinity clients to access tailored online-banking services.
The Government Guaranteed Lending division of The Bancorp Bank specializes in business loans and franchise financing through programs available from the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA). Our team focuses on government guaranteed lending and has more than 50 years of combined experience in the field.