- March 26, 2018 at 4:29 pm #178053
I am possibly purchasing a JUICE UP franchise. Before I pay the non refundable $25,000 deposit to obtain the agreement…. can SBA do a preapproval with conditions… once approved I can pay fee and provide the Franchise Agreement.March 26, 2018 at 11:24 pm #178530
That is entirely up to your lender. The SBA doesn’t actually provide loans, but instead they guarantee loans given to you by traditional lenders like banks. The lender will need to approve your loan and give you a pre approval if that’s what you need, but that will take some time. You should check with your franchisor to determine if there is a financing contingency, which there can be in a lot of these franchise agreements. I certainly wouldn’t move forward with paying the fee until you know you’re going to get funded. In fact, I’d probably try to make it happen the same day the money for your loan goes through.