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  • Notice: Trying to access array offset on value of type int in element_children() (line 6518 of /home/fanintl/public_html/includes/common.inc).
  • Notice: Trying to access array offset on value of type int in element_children() (line 6518 of /home/fanintl/public_html/includes/common.inc).
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Updates


SBA Loans Benefit Franchising, Create Jobs and Enable Entrepreneurship

A recent report by Bloomberg Business used biased and outdated data to falsely categorize the franchise model as “risky.” The report used a union- backed analysis of five-year-old financial information to try to prove this point. Both the Bloomberg report and the underlying analysis are deeply flawed for a number of reasons.

First, it’s important to remember that the more than 780,000 franchise businesses across the U.S. are small and locally owned. The average number of employees for each is 10. Eighty percent of franchise businesses have fewer than 100 employees.

Second, the satisfaction rate among franchisees is high. A recent survey of franchisees found that nearly 80 percent would recommend their franchise brand to others and nearly 75 percent would “do it all over again” knowing what they know today about the business model.

Some small business franchises have relied on the Small Business Administration to secure the loan guarantees that allowed them to get into business. Since 2004, nearly 35,000 franchise businesses have gone this route. This amounts to about five percent of SBA’s total loan disbursals. During the same time period, the default rate for franchise businesses was actually 20 percent LOWER than other businesses. Fewer than 5,000 franchise businesses experienced loan defaults while more than 30,000 franchise owners went on to start or expand their businesses. These entities helped to add more than 300,000 jobs to the U.S. economy during a very challenging period.

The SBA remains an important resource for entrepreneurs looking to start and grow their businesses. Over the past decade, more than 580,000 small businesses have benefited from SBA loans, which helped them get started. Any business involves risk, to be sure. But franchises represent a unique opportunity for long term success. Thanks to the SBA, more and more people have been able to achieve it.

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