30 Jan Can I Get Financial Support to Buy A Franchise?
If you’re looking at franchise opportunities, you may be wondering if there is any financial support available to help with the initial start-up costs. The good news is there are a few options available.
What Type of Financial Help Is Available to Buy A Franchise?
A Business Loan from A Bank
Highstreet banks such as NatWest and HSBC have specialist support for franchise opportunities in the UK. You will need to have good credit history and put together a business plan. You can download your free business plan from the Prince’s Trust and give Prokil a call if you need any help writing it.
A Government Loan
You can apply for a government-backed Start Up Loan® to start or grow your franchise business opportunity. Unlike a business loan, this is an unsecured personal loan which means there’s no need to put forward any assets or guarantors to support an application.
Depending on your location, there are varying government grants and initiatives available. See what government support is available in your area.
Where Can I Get Financial Help to Buy A Franchise?
NatWest has been involved in the franchising world for over 30 years and has a team of dedicated Relationship Managers to help with your business opportunities in the UK. All their advisers are accredited, and NatWest are affiliated members of the British Franchise Association (bfa), the voice of ethical franchising throughout the UK.
HSBC also have over 30 years’ experience supporting the UK franchise industry. Their experienced business managers work closely with the bfa to encourage successful and ethical franchising.
Start Up Loans®
Start Up Loans® offer personal loans for business purposes and can help you create your business plan, cash flow forecast and personal survival budget to submit with your application.
How Much Financial Support Can I Get to Buy A Franchise?
Start Up Loans®
You can borrow up to £25,000 from Start Up Loans®. There is no application fee or early repayment fee and it has a fixed rate interest of 6% p.a. with a 1 – 5-year repayment term.
High street banks are willing to lend our franchisees between 50% and 70% of the total start-up cost. This means you could start a Prokil franchise with just £30,000 personal contribution.
What Other Support Is Available When Buying A Franchise?
We’ve done the research for you and found some great sources of information to help give you the best franchise opportunities.
For help writing a business plan, you can visit ‘Write a business plan’.
Franchise Finance has over 30 years’ experience in helping businesses secure finance and can help with:
- Arranging Finance
- Business Training Academy
- Business Health Checks
- Preparing Professional Business Plans
- Vehicle and Equipment Leasing Schemes
- Preparing for Re-Sales
If you’re looking to buy a franchise, Prokil can help. We have over 50 years’ experience in the damp proofing industry and have many opportunities available across the UK. Our franchise package comes with three months of internal training, continuous support and three months of digital marketing.
To find out more about our low-cost franchise opportunities, talk to our dedicated Franchise Manager today to see if Prokil is the right fit for you. Complete our franchise enquiry form to get in touch.