Franchise Loans for Business-Minded Pinoys
Are you planning on buying a franchise anytime soon? Blend PH offers financing for many food service brands, laundry service, and auto service franchise businesses among many other exciting and lucrative ventures ideal for the Pinoy entrepreneur. We can help you get your business up and running with our franchise loans
On this update, we’ll teach you how you can get started and how to apply online for a franchise loan on our platform.
Why Blend PH franchise loans are different
If you have already found a franchise opportunity that you want to tap into or if you’re still looking for the right business to invest in, Blend PH will be your anchor and your partner in realizing your plans and dreams.
We currently have existing partnerships with many companies offering franchise opportunities, so once you decide to get a franchise with them, everything will be a breeze for you. We’ll offer lending options fit for franchise model businesses to make it easier for you to get the funds you need. Whether you’re just getting started or are already planning to grow your franchise business further, we’ll be there for you every step of the way, no matter what stage you’re in.
We do not require a collateral such as your home, your property, your vehicle, or any other valuable asset for loans of up to PHP 2,000,000. This is a huge chunk of why Blend’s franchise loans differ from other traditional loan options. Do take note that the minimum loan amount for this type of loan is PHP 50,000.
Additionally, our risk-based interest rates range from 12% to 36% annually for franchise loans, so it’s surely flexible and manageable especially when your approved loan application falls under the lower interest rate range.
Things to expect when applying for a franchise loan
With our fast online loan application, it would only take you a few minutes to get the process going. All you need to do is sign up on the Blend PH platform as a borrower and then fill up our online application form by answering a series of questions and submitting the required documents. We’ll let you know right away whether or not you have the complete requirements and if we need extra information based on what you submitted to us.
Expect to get an answer from us in five (5) business days or more. Of course, we have to verify the documents you have before we proceed with processing your loan application. For instance, we may need to see turnover documents if you’re buying an existing franchise from another business owner or we may also need to see your personal bank statements as proof of your financial capability.
Once your loan is approved, the funds will be paid to the franchisor or vendor right away, which makes the process more direct, hassle-free, and simple for you. That’s one less thing to think about; all you need to care about now is how to run your business!
Franchise loan requirements
If you’re wondering about the requirements for a franchise loan, know that it isn’t too difficult to secure them. Both salaried employees and business owners can apply for a franchise loan, just like our other types of loans. See below for the requirements:
- Salaried Employees
- Certificate of Employment
- Company ID
- Latest Payslips (3 months)
- Proof of Billing
- Barangay Clearance
- Business Owners
- Business Permit or Mayor’s Permit
- Bank Certificate with Average Daily Balance
- Income Tax Form 1701
- Financial Statements
- Barangay Clearance
Franchise loan qualifications
Because of our existing agreements with franchise companies, please note that you can only apply for a franchise loan if the business you’re planning to invest in already belongs to our list of partners. Please refer to our blog posts for the complete details on each company.
Don’t be discouraged if the business you’re interested in isn’t on our list yet because you can still apply for a personal loan with us. The requirements, terms, and interest rates are pretty similar, with the only difference being the loan has to be funded by an individual investor and funds are directly released to you via your Blend wallet.
Another option is to get in touch with us and request for us to forge a partnership with the company you’re eyeing to buy a franchise from. We’re always open to suggestions and we plan to work with every franchise provider possible to keep the Pinoy entrepreneurial spirit alive and kicking!
Read more https://grit.ph/best-franchise-business/