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There are a few ways to reduce or eliminate origination fees, depending on the type of loan you're seeking. For example, some lenders offer discounts for businesses that set up automated payments from their checking account. You may also be able to negotiate a lower rate if you have strong credit.
If you're looking for a small Business administration (SBA) loan, there are a few ways to save on origination fees as well. First, the SBA has a program called the 7(a) Loan Program, which offers reduced fees for certain types of loans. Second, you may be able to get a waiver of the upfront guaranty fee if you meet certain criteria. Finally, some lenders may offer discounts on origination fees for SBA loans.
If you're looking for a private loan, there are a few things you can do to reduce your origination fees as well. First, you can shop around and compare rates from different lenders. Second, you can try to negotiate a lower rate with the lender. Finally, some lenders may offer discounts on origination fees if you set up automatic payments from your checking account.
No matter what type of loan you're seeking, there are ways to save on origination fees. Be sure to shop around and compare rates from different lenders before you make a decision. And don't be afraid to negotiate!
One of the most challenging aspects of franchising is finding the right financing option to fund your franchise dream. While there are many sources of capital available, such as bank loans, personal savings, or crowdfunding, some franchisees may also benefit from grants and incentive programs that offer financial assistance for specific purposes or groups of people. Grants and incentive programs are usually offered by government agencies, non-profit organizations, or franchisors themselves, and they can help reduce the initial costs or ongoing expenses of running a franchise. However, not all grants and incentive programs are created equal, and some may have strict eligibility criteria, application processes, or reporting requirements. In this section, we will explore some of the common types of grants and incentive programs that franchisees can tap into, and provide some examples of how they work in practice.
Some of the common types of grants and incentive programs for franchisees are:
1. Veteran grants and incentives: These are programs that aim to support veterans who want to start or grow a franchise business. Some examples of veteran grants and incentives are:
- The Veterans Transition Franchise Initiative (VetFran): This is a program that offers discounts on franchise fees, royalties, or other costs to qualified veterans who join participating franchisors. VetFran was launched in 1991 by the International Franchise Association (IFA) and has helped over 8,000 veterans become franchise owners. To qualify for VetFran, veterans must have been honorably discharged from the U.S. Military and meet the franchisor's requirements. The amount and type of discounts vary by franchisor, but some examples are:
- 7-Eleven: This convenience store chain offers a 10% discount on the initial franchise fee, up to $50,000, for veterans who qualify for its Zero Franchise Fee Initiative. Additionally, veterans can get up to 65% financing from 7-Eleven for the remaining franchise fee.
- The UPS Store: This shipping and business services franchise offers a $10,000 discount on the franchise fee and 50% off the initial application fee for veterans who qualify for its VetFran program. Additionally, veterans can get special financing options from third-party lenders through The UPS Store.
- Sport Clips: This hair salon franchise offers a 20% discount on the franchise fee for veterans who qualify for its VetFran program. Additionally, veterans can get access to a network of mentors and support from other veteran franchisees.
- The SBA Veterans Advantage Loan Program: This is a program that offers reduced fees and expedited processing for SBA-guaranteed loans to eligible veterans who want to start or expand a franchise business. The SBA Veterans Advantage Loan Program covers loans of up to $5 million under the SBA 7(a) loan program, which is the most common type of sba loan for small businesses. To qualify for the SBA Veterans Advantage Loan Program, veterans must own at least 51% of the franchise business and meet the SBA's credit and eligibility requirements. The benefits of the SBA Veterans Advantage Loan Program are:
- A 50% reduction on the upfront guaranty fee for loans of $150,000 to $350,000, and no upfront guaranty fee for loans of $150,000 or less.
- A 0.25% reduction on the ongoing servicing fee for loans of any size.
- A faster turnaround time for loan approvals and disbursements.