Earlier this fall, SBA announced a SBA Registry rule change, which caused concern amongst franchisors in that registry would mean more paperwork outlining what the franchisor will or won’t do. Franchise Times, however, says that the concern may be for naught, given that the changes include best practices most franchisors are already doing.
BoeFly, a national online marketplace that helps business owners seeking loans by connecting them with banks and lenders, held a webinar on Tuesday with a panel of franchisors and lenders to discuss the rule change. The group of experts gave advice on how best to deal with these changes in the SBA loan process, as 200 people listened in.
“BoeFly President Mike Rozman conducted a poll of the franchisors listening in and ‘for those brands who have already made a decision about whether to sign the new SBA addendum, 96.7 percent intend to sign it,’ he reported, ‘versus 3.3 percent who intend not to sign.’”
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