VelocitySBA Elevates Support for Franchise Financing
Los Angeles, CA (January 22, 2024) – VelocitySBA, a nationwide preferred SBA lender, is thrilled to announce a strategic move into the franchise market, coupled with a considerable expansion of its credit box. The important milestone is testament to VelocitySBA's commitment to providing comprehensive financial solutions to businesses across the nation.
Charles Rho, President of VelocitySBA, says “We aim to empower small and medium-sized enterprises, particularly those in the franchise sector, by offering tailored financial solutions to support their growth and success. This move is aligned with VelocitySBA's mission to foster economic development and entrepreneurship.”
National Sales Manager Meghan Hormann, who joined VelocitySBA last year and previously led the franchise SBA group at Wells Fargo, was recently featured in the esteemed publication Restaurant Finance Monitor along with Midwest Regional Sales Manager Josh Orloff.
“Franchise lending is a key component of our 2024 performance projections, and we intend to grow our focus even further in the coming years,” says Meghan. “We are formalizing a more robust strategy around franchise, because we see ongoing opportunity in the space, and we want to be positioned to partner with the best brands across the country.”
“As some banks are tightening their credit boxes or restricting lending without deposits, we are thriving in the current economic climate, and even expanding our credit box to help more clients,” says Josh Orloff. Josh knows how to develop mutually beneficial relationships that drive new opportunities, and truly understands the journey of his franchise clients, as he recently became a franchisee himself. “Restaurants are some of the most unique small businesses out there.”
VelocitySBA has also recently brought on Jack Gregoire as Business Development Officer for National Franchise. Jack’s background in SBA credit and sales will enable him to provide excellent guidance to small business customers as they focus on securing financing for starting a new franchise location, adding a location or buying an existing location.
As one of only seventeen preferred non-bank lenders in the country, VelocitySBA can make credit decisions very quickly and execute SBA loans much faster than many of its competitors, typically closing in 45 days or less. Loan amounts range from $150,000 to $5 million with a typical term of 10 years, or up to 25 years if real estate is included.
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About VelocitySBA
VelocitySBA (VSBA) is a nationwide SBA lender. Our dedicated team of highly experienced lending professionals understands the specific needs of business owners and their unique capital requirements. Unlike traditional banks, our focused approach to business lending quickly delivers the custom-tailored solutions that today’s business community needs to succeed. For news and updates, be sure to follow us on Facebook and LinkedIn.