Posted on June 30, 2007 by Ginger Watford
Gary King has owned the Management Recruiters of Tampa North franchise since 1989, leasing Class A office space. In 2002, he and his wife, Gail, purchased land and built the 4,500-square-foot King Professional Center where MR is the primary occupant. Just prior to closing the deal with conventional financing, the Kings discovered the U.S. Small Business Administration 504 loan program. Their successful application reduced their equity contribution from 25 percent to 10 percent, saving them more than $50,000.
New and current franchisees should seriously factor this underutilized financing alternative into their business plans when expanding through buying commercial real estate and may be surprised at the cash that can flow from it.
Read the complete post at Franchise.org.
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