Melting Pot

<a href="http://1851franchise.com/meltingpot/info">Melting Pot</a>, the 93-unit fondue franchise, has built an iconic brand and strong network of franchisees that entrepreneurs are excited to be a part of. However, launching a restaurant is notoriously expensive, and it is important that new&nbsp;<a href="http://meltingpotfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Melting Pot</a> franchisees have the financial support they neThe Melting Poted to build a strong foundation.“My priority in the franchise development process is to connect with prospective owners who are passionate about the brand and will represent us well in their markets — financial qualifications are not the only aspect we evaluate,” said&nbsp;<a href="https://www.linkedin.com/in/collin-benyo-1bb36a248/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Collin Benyo</a>, franchise growth strategist at Melting Pot. “Because of this, we’ve been intentional about partnering with finance groups so that our passionate franchisees can focus their energy and excitement on the launch of their new business rather than worrying about how they might secure financing.”With multiple partnerships, franchisees with Melting Pot can feel confident that there is a financing option to meet their specific needs and circumstances.<h3>Unsecured Funding Source Provides Flexible Funding</h3>One of Melting Pot’s financing partners,&nbsp;<a href="https://unsecuredfundingsource.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Unsecured Funding Source</a> (UFS) works exclusively in non-SBA loans and provides more flexible options that place the most emphasis on a borrower’s financial history and ability to make sound financial decisions.&nbsp;“We work primarily with unsecured term loans, which are principal and interest loans. Usually, we try to get a borrower the longest term possible — even up to 12 years,” said&nbsp;<a href="https://www.linkedin.com/in/hamiltoncolin/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Colin Hamilton</a>, director of business development at UFS. “The primary difference is that we look more at the borrower than we do the business. We are more concerned about the borrower’s creditworthiness than we are about the business itself. The idea there is that if someone has essentially shown a good track record of making sound investment or borrowing decisions in the past, we’re confident in their ability to evaluate the business and what they can do with it.”The main criteria UFS looks at is a borrower’s credit score and any provable income. With a good credit score, a borrower has demonstrated a history that indicates a low likelihood to default on the loan, and provable income ensures they have the funds — not just the intent — to make payments.UFS also offers non-collateralized loans, meaning a borrower’s home, vehicle or investments are not backing up the loan. The loan is visible on the borrower’s personal credit report, and they are personally guaranteed, meaning the borrower promises to repay the loan regardless of the success of the business, but assets are not on the line.The most appealing aspect of UFS’s funding options for a majority of franchisees is that franchisees can choose exactly how they use the funds.“There’s no dictation on how capital is spent, which basically means that the borrower is not required to spend it on certain components like the build-out or whatever else,” added Hamilton. “A lot of people do utilize UFS for working capital, especially as they’re continuing to ramp up. That’s a key component, as well — that franchisees are able to have access to more capital if they need it.”<h3>Benetrends Works to Find the Best Fit for Each Unique Situation</h3><a href="https://www.benetrends.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Benetrends</a>, another financing partner with Melting Pot, offers a range of financing methods, including 401k rollovers, SBA loans and more conventional lending.“In the IFA’s 60-year history, we’re the first and only recommended and preferred funding supplier to franchisees. We got that designation this year, and that’s pretty exciting,” said&nbsp;<a href="https://www.linkedin.com/in/anthony-byrd-cfe-5824075/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Anthony Byrd</a>, director of business development at Benetrends. “That designation helps brands and people understand who we are, why we’re chosen and the type of backing and support that we offer.”Because Benetrends partners with Melting Pot, the due diligence process can be streamlined, allowing Benyo to evaluate a prospective franchisee’s potential fit with the brand before referring them to Benetrends for an in-depth look at their finances and financing options.“I work with Collin, and he’ll be the one to send over a prospective franchisee,” added Byrd. “He’s trying to make sure that his franchisees understand what their options are for financing, and I think Melting Pot wants to be comfortable just as much as the franchisee does so that everybody can launch on good terms. So, Collin is kept in the loop in terms of how much a franchisee may be pre-qualified for and whether they might be able to sign a single-unit deal, a three-pack or a five-pack.”Byrd recommended that a franchisee begin looking into financing options as soon as they feel comfortable. Benetrends has a discovery process that evaluates the applicant’s financial information based on documents provided, and from there, they are able to create a lineup of the possible financing options that are likely the best fit for the prospective franchisee and their specific circumstances.&nbsp;As they continue through the process, applicants have access to specially trained teams, including a business plan team, rollover and support team, and ongoing support team to ensure all criteria and guidelines are met on an ongoing basis.<h3>Melting Pot’s Culture of Support</h3>From inquiry to ongoing operations, Melting Pot works diligently to support franchisees, encouraging individual success and the continued success and growth of the larger system. Financing partnerships are just another way it does so.“We have established connections with trusted financing partners over the years to support our owners in securing the funds they need to launch a successful business,” said&nbsp;<a href="https://www.linkedin.com/in/bob-johnston-4b6b0a4a/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">Bob Johnston</a>, CEO of Melting Pot. “Our partners know the Melting Pot business model and team, and they combine this knowledge with information about each unique franchisee to collaboratively find a financing solution that works well for each scenario, ensuring owners feel fully supported and well-capitalized as they launch their restaurants.”For more information, visit&nbsp;<a href="https://www.meltingpotfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=melting-pots-partnerships-support-franchisees-in-securing-financing-2724381" target="_blank" rel="nofollow">https://www.meltingpotfranchise.com/.</a>&nbsp;

Melting Pot’s Partnerships Support Franchisees in Securing Financing

1851 Franchise

With connections to multiple funding sources, the fondue franchise can refer franchisees to resources that will support their new restaurant.

This brand page has been paid for by MELTING POT. Content within this page that is paid will showcase a Sponsored icon. This means the brand has engaged 1851 FRANCHISE to write the content. Content without the Sponsored Icon is aggregated media placements the brand earned. Questions can be sent to editorial@1851franchise.com

Melting Pot's Partnerships Support Franchisees in Securing Financing

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Melting Pot's Partnerships Support Franchisees in Securing Financing

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