Most Americans have noticed the growth of Bank of America over the last several years. Even throughout the credit crisis Bank of America found a way to open new branch locations and ATMs in almost all states throughout the country. When looking to open a pet store franchise, or any type of franchise, most franchisees will not have the cash to put down to get the business started. They will likely need some type of financing help through a bank. With Bank of America being one of the largest financial institutions in the United States it stands to reason that potential franchisees should consider this bank when it comes to a franchise small business loan.
Credit Needed for a Small Business Loan
It is very important to remember that Splash and Dash is very unique in that you can start a franchise for less than $60,000. This is less than a year’s salary for many Americans. That said, having that much money in a savings or checking account is not very likely. Some individuals may have that much saved up in a retirement or IRA account but liquidating that account is out of the question when it comes to opening up a new business.
The credit score that is needed to qualify for a small business franchise loan from Bank of America varies depending on the situation of the borrower. If you are a borrower that has paid off your home, has quite a bit of money in assets and does not have a lot of debt there is a good chance you could qualify for a small business loan with a credit score as low as 660 or 680. That said, if you have been smart with your money there is a good chance your credit score is higher than the aforementioned number because of the low amount of debt and having paid off major obligations such as a car loan, student loan and/or home loan.
Can I Use Cash for a Franchise?
If you are one of those savvy financial minds that always has several thousand dollars of cash readily available then you can absolutely start your Splash and Dash pet store franchise with cash. Note that we have different store concepts and different levels of investment. Based on your desires for the business, you could start your pet store franchise for as low as $53,153. For more on comparing the costs of other franchises make sure to check out our comparison chart.
If you have cash, up front, it may be a very wise decision to use this to start your business. This means you won’t be paying any interest on the money used to start the franchise. This could end up saving you tens of thousands of dollars in the early years of your business. If you are savvy with your money there is a high likelihood you will also be a very good small business owner. Do not hesitate to call us at 1-760-861-1071 if you would like to discuss the potential of opening a pet store franchise in your home town or somewhere close to you.
As with any major financial decision it is very important to do research. Feel free to click around this website to better understand the opportunities we offer. We also suggest checking out our Splash and Dash for Dogs page to get a feel for the services we offer customers and clients.