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<a href="https://businessfinancedepot.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=meet-the-supplier-business-finance-depot-2723291" target="_blank" rel="nofollow">Business Finance Depot</a> specializes in providing financing to new and existing businesses in the fitness, franchise and campground industries. It packages Small Business Administration (<a href="https://1851franchise.com/how-to-qualify-for-an-sba-loan-2721924">SBA) loans</a> of all types with key lending partners, as well as the equipment leases needed to operate any business. It also networks with companies that offer self-funding using the Rollover for Business Startups (ROBS) program and alternate forms of&nbsp;<a href="https://1851franchise.com/the-10-best-options-to-finance-a-franchise-business-2723102">business financing</a>.<a href="https://www.linkedin.com/in/paulbosley?utm_source=1851franchise.com&utm_medium=article&utm_campaign=meet-the-supplier-business-finance-depot-2723291" target="_blank" rel="nofollow">Paul Bosley</a>, founder and managing member of Business Finance Depot, recently spoke with 1851 Franchise to share his insights into the current state of financing in franchising and offered valuable advice for potential franchisees seeking success.&nbsp;<h2>History</h2>Before starting Business Finance Deport, Bosley’s journey into franchise financing began about nine years ago when he joined&nbsp;<a href="https://unitedfranchisegroup.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=meet-the-supplier-business-finance-depot-2723291" target="_blank" rel="nofollow">United Franchise Group</a>. Initially, he was tasked with handling financing for their prominent franchise&nbsp;<a href="https://signaramafranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=meet-the-supplier-business-finance-depot-2723291" target="_blank" rel="nofollow">Signarama</a>, using an SBA Express loan. Bosley’s extensive experience in finance, coupled with his role as a score counselor for the federal government, made him an ideal fit for the job. Over time, his role expanded, and he became the main source of financing for 250 SBA loans and 50 equipment leases.As Bosley’s involvement with United Franchise Group grew, he started exploring other financing opportunities within the franchising industry. He attended trade shows and exhibitions, noticing that most finance companies were solely focused on providing ROBS programs.&nbsp;Dismayed by the lack of diverse financing options, Bosley decided to start Business Finance Depot in 2015 as a way to offer a broader range of financial products tailored to the franchisees' needs. He began working with various franchises, specializing in&nbsp;<a href="https://1851franchise.com/the-top-10-emerging-fitness-franchises-ready-to-take-over-the-industry-2721828">fitness</a>,&nbsp;<a href="https://1851franchise.com/top-10-experiential-franchises-to-watch-in-2020-2711550">campgrounds, recreational vehicle (RV) parks</a> and&nbsp;<a href="https://1851franchise.com/toprestaurantbrands2023">restaurants</a>.<h2>Understanding Franchisees’ Financing Needs</h2>When franchises approach Business Finance Deport for financing assistance, Bosley aims to understand their financial requirements thoroughly. Some of the key factors he considers are:<ul><li>The&nbsp;<a href="https://1851franchise.com/the-most-important-items-in-an-fdd-item-7-initial-costs-2712071">total investment</a> needed to open the franchise, including working capital and construction contingencies</li><li>The franchisee's ability to make the required down payment (typically 20-25% of the total investment)</li><li>The origin of the funds available for the down payment (e.g., savings, gifts, stock liquidation, retirement accounts)</li><li>The franchisee's credit score, which often determines eligibility for certain financing products</li><li>The industry in which the franchise operates, as different industries may have&nbsp;<a href="https://1851franchise.com/how-financing-for-low-medium-and-high-investment-franchise-opportunities-differs-12423">varying financing options and preferences</a></li></ul><h2>The State of Financing in Franchising</h2>As franchisees invest their life savings and embark on a new venture, their success becomes vital for both the franchisor and themselves. To increase the likelihood of success, it is crucial to provide adequate working capital and support throughout the franchising journey.Bosley notes that the current state of financing within the franchise industry is positive. The industry witnessed approvals of around $85 million for 124 individuals this past year. Lending was active and readily available, suggesting that potential franchisees had access to the necessary capital to pursue their dreams.<h2>Advice for Potential Franchisees</h2>With Business Finance Deport, Bosley says there are several pieces of advice he typically offers potential franchisees focused on long-term success and growth:<ul><li>Consider franchises that offer a&nbsp;<a href="https://1851franchise.com/the-top-10-brands-to-invest-in-as-a-first-time-franchisee-2721542">clear roadmap for success</a>, providing guidance and support to newcomers.</li><li>Opt for brands that allow for&nbsp;<a href="https://1851franchise.com/keys-to-successfully-growing-from-one-unit-to-multiple-units-4918">scalability</a>, enabling franchisees to expand their business to multiple units.</li><li>Allocate a sufficient amount of&nbsp;<a href="https://1851franchise.com/how-much-working-capital-candidates-need-when-buying-a-franchise-2704245">working capital</a> to avoid being cash-strapped during the initial phases of the business.</li><li>Aim for financial stability and sustainability, aiming to achieve&nbsp;<a href="https://1851franchise.com/10-ways-to-find-out-a-franchise-owners-salary-and-income-2722787">profitability</a> and offset previous income.</li></ul><h2>Conclusion</h2>In the world of franchising, financing plays a pivotal role in determining the success of both franchisors and franchisees. For any individual seeking financing to realize their dream of owning a franchise or a business, Business Finance Depot serves as a valuable resource. Learn more by watching the full interview&nbsp;<a href="https://www.youtube.com/watch?v=yZU50cki_Xc&utm_source=1851franchise.com&utm_medium=article&utm_campaign=meet-the-supplier-business-finance-depot-2723291" target="_blank" rel="nofollow">here</a>.&nbsp;

Meet the Supplier: Business Finance Depot

1851 Franchise

The finance support company has developed a unique SBA loan process to serve a growing number of franchisors across multiple sectors.

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Meet the Supplier: Business Finance Depot

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