see question below
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.
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.
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.