Engineering a Successful Non-SBA Finance Program

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1 Engineering a Successful Non-SBA Finance Program Brian Colburn - Managing Director Butler Capital Franchise Finance Bob Rodi President Mt. Pleasant Capital Corp

2 Is non-sba an Option for Your Franchisees? Do you have a multi-unit growth strategy? What is the time line for your Franchisees to open all locations? How much total capital, both debt and equity, will the Franchisee need? Does the required investment dictate that you find candidates with higher net worth and liquidity? How will the Franchisee find the required capital? Does the Franchise business model realistically support the time line? Are there multiple principles involved?

3 The Basics Differences between SBA and Non-SBA SBA (Small Business Administration) Loans are 75% guaranteed by the government. Non-SBA Lenders like BCC & MPC assume 100% of the risk.

4 SBA vs. Non-SBA Evaluation SBA has a uniform format that is required to obtain approval from the source of origination. Non-SBA lenders will want to do an extensive review before partnering with a franchisor:

5 Structural Differences Primary Differences between SBA and non-sba Loan Structuring: SBA Non-SBA Maximum Term 10 years 84 months Fees 3-5% 1-2% Speed of Approval 3-9 weeks 2 weeks or less Documentation loan loan or lease Collateral RE, cash Store Assets Loan guarantee Gov t, owners Owners Loan Guarantee fee 2.6% None required SBA loans may also contain rigid covenants with respect to repaying part of the loan. Both SBA and Non-SBA may have pre-payment penalties Rates are Fixed vs. Floating

6 Secured vs. Under Secured Lending In an SBA loan the maximum risk to the lender is 25% of the loan amount. For non-sba lenders the only collateral is the equipment & the typical liquidation value is generally less than 25 cents on a dollar. SBA typically requires additional collateral such as cash, real estate, stocks, etc. Non-SBA programs focus on the viability of the franchise business model. Does the business model have a proven history of cash flow production that repays loans?

7 New Franchisee Most new franchisees are placed with SBA sources because SBA is usually the only option provided. If a Franchisee qualifies and does not have to use their home which option would they choose? Franchisors should provide qualified prospective franchisees with all options: SBA option Direct Lender Non-SBA option Equipment loan/lease option

8 Non-SBA Evaluation o Things to be considered: o Financial Statements o Background of Principals o Single Unit or Multi-unit development o Infrastructure relative to growth o Rate of closure/cancellation o Franchisee selection process o Willingness to document an exit strategy o Sufficient cash flow to service debt and sustain operations o FCCR and DSCR

9 Franchisee Expansion-Multi units Non-SBA may be the better choice Focus on personal leverage as well as leveraging the enterprise value of current operation. Opportunity to spread risk over multiple locations, Operational and infrastructure issues should be addressed How much additional equity is required?

10 The Franchisor and Lending Risk The viability of the Franchisor is examined closely for acceptable turnover rates, background and experience of in place management, excessive litigation, number of units open and operating and overall success and viability of the brand. The Financial Strength of the Franchisor is important. Subjective due diligence may include speaking to current and former franchisees.

11 Pre-Screening: The Path to Loan Approval Is there a screening process in place? Is the Franchisor screening process thorough enough to produce a Franchisee or is sign off from a lender required? What is the difference between prequalification and pre-approval? Once a Franchisee is approved there is an unlimited window on opening the location, right? How involved should the Franchisor be in the lending process?

12 Documentation required for Approval & Timing SBA standard documentation package with a 3-8 week approval process o Non-SBA is primarily a personal credit worthiness & cash flow evaluation that usually takes 1 week

13 Credit Criteria is Similar Good Personal credit history Good Business credit if applicable Tangible Net worth Experience Collateral (if required) Cash Flow Continued Employment

14

15 True or False Non-SBA loans have much higher rates that SBA loans. The Franchisee cannot pre-pay a non- SBA loan. If an applicant is turned down by the SBA they should be referred to a non- SBA program. Even applicants with bad credit and no collateral can get a non-sba loan

16 Primary Reasons to Consider a Non-SBA Lender Plan to develop multiple locations Acquisition Fast process High Net Worth Multiple Partners in the LLC or Corporation New location for experienced operator All collateral is encumbered so growth is restricted Partnership separations\buyout, territory realignment

17 Conclusions: Non-SBA should be a definite option. Non-SBA is not right for everybody. Not all Franchise Systems will qualify. Conventional lending is generally not an option for candidates that don t qualify for SBA. Non-SBA can make your life easier with respect to multi-unit development.

18 Questions?

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