The Bancorp Bank Approves $4 Million Expansion Funding Program for New FASTSIGNS® Centers

Posted on September 15, 2010 by Jessica Dees

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., 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.