April 11, 2023
Trusted funding partner continues to provide unwavering support and expertise amid changes in lending landscape
LANSDALE, PA (April 11, 2023) – In response to the recent news regarding the Small Business Administration’s (SBA) elimination of the SBA Franchise Directory, Benetrends Financial, a leader in franchise business funding, would like to reassure its clients and the franchise industry that the fundamental processes for obtaining funding remain unchanged. The company remains committed to providing innovative funding solutions and unwavering support to its clients, as it has for over 40 years.
Benetrends Financial emphasizes that the SBA Franchise Directory only went into effect in March 2018, and the company had been working on successful SBA funding with lenders prior to its implementation. Benetrends remains confident in its ability to continue assisting clients and partners with funding, just as it has done in the past.
Morgan Johns, director of SBA & Bank Financing at Benetrends, commented, “The process may have changed, but the fundamental processes haven’t. The banks are still responsible for the exact same due diligence as before. The lender, regardless of whether there is a directory or not, is responsible for reading and reviewing the franchise agreement that’s signed with the borrower. This is a standard operating procedure that stays the same, and this responsibility wasn’t relinquished with the recent news.”
Reg Byrd, president of SBA Financing at Benetrends, added, “Under any circumstance, Benetrends Financial is well positioned to assist franchisees with their financing. The experts on our SBA team have decades of experience coaching brands and banks about SBA requirements. We are accustomed to changes in SBA policy and have always been prepared with solutions. The discontinuation of the SBA Directory will in no way slow our processes with lenders.”
Benetrends Financial remains steadfast in their dedication to helping entrepreneurs and franchisees secure the funding they need to grow their businesses. Despite the recent changes, Benetrends Financial will continue to provide unwavering support to their clients and the franchise industry.
Benetrends is the authority in franchise and small business financing and is acclaimed for its Rainmaker Plan® that enables entrepreneurs to use their qualified retirement plan to purchase, or recapitalize a business or franchise, tax deferred and penalty free. Benetrends originated the 401(k)/IRA rollover, funding nearly 30,000 entrepreneurs in the last 40 years. Benetrends provides a comprehensive suite of small business funding options and business service solutions. For more information, please visit Benetrends and connect on Facebook, Twitter, YouTube, and LinkedIn.