SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Many franchisors are calling for uniform reimaging of franchised units, citing figures that it may boost sales, attract new customers, and increase profits. When the corporate office of Popeyes Chicken & Biscuits required Mid-Atlantic Restaurants, LLC to remodel, the franchisee turned to GE Capital Solutions, Franchise Finance for a solution.
The lender offered its first development line of credit to fund the project, the newest offering from GE Capital Solutions, Franchise Finance. It is a financing option for franchisees and franchisors in the restaurant industry.
"Though reimaging is beneficial for both franchisors and franchisees in the long-term, many owners struggle to find the capital needed for such drastic, multi-unit projects," says Andy Tubb, senior vice president, GE Capital Solutions, Franchise Finance. "Our development line of credit is ideal for multi-unit reimaging and new unit development because owners are able to get approval upfront with a single application, and receive capital almost immediately for each renovation."
The development line of credit is part of a deal for the reimaging of 18 Popeyes restaurants in North Carolina and Georgia.
"With the development line of credit, I can focus on operating my business instead of dealing with the day-to-day details typically involved with financing," says Mike Webster, owner, Mid-Atlantic Restaurants. "I don't have to spend my time compiling receipts and applying for capital to fund each unit. This is a simple, flexible solution that let's me stay focused on running my business."
The reimaging of each unit includes both indoor and outdoor renovations. It is on track to be complete by the November 2008 deadline.
"The situation facing Mid-Atlantic Restaurants is increasingly common," says Tubb. "Chains are requesting more reimaging for franchised units, and owners are facing tight deadlines for financing and executing the remodels. The development line of credit offers a convenient, easy-to-use solution to help franchisees meet their deadlines, focus on their business, and control how they use their capital."
GE Capital Solutions, Franchise Finance offers a full menu of financing options to help franchisees and franchisors grow, compete, and prosper through new construction, acquisitions, refinancing, or reimaging.
About GE Capital Solutions, Franchise Finance
GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 20 years of experience and $11 billion in served assets, we serve more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, power sports, and automotive after-market industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).
GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $90 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
GE (NYSE: GE) is Imagination at Work --- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
[email protected]
Stephen White