Fantastic Sam’s Ties Up With The Bancorp to Fuel Growth
Massachusetts-based Fantastic Sams is looking to accelerate its growth, and has been approved for a franchisee lending program created by The Bancorp through its primary financial institution, The Bancorp Bank.
The company says this alliance will provide start-up funding for new franchisees entering the Fantastic Sams system, as well as expansion and remodel funding for existing franchisees. In its release on the subject, the company said “this capital allows Fantastic Sams franchisees to stimulate the economy by creating new permanent and sustainable jobs”—a very noble goal.
"The successful creation of this financing program is a testament to the strength of our business model and an important step in the company's continued growth," said Linda Chadwick, president and CEO of Fantastic Sams. "This program—coupled with our forward-thinking management, strategic supplier alliances, loyal patrons and strong unit economics—will undoubtedly allow us to further dominate the attainable and affordable beauty arena.”
Beyond new financing, Fantastic Sams has created a new image for its salons, and also launched a program to accelerate the remodeling of its existing salons. Given the increased competition in the hair biz thanks to upstarts like Sola Salon Studios, freshening up its own look definitely can’t hurt its position in the market.
Speaking on behalf of The Bancorp, Jeff Nager, director of small business lending, said, "Our national program has a smooth, time-sensitive loan approval process. This access to capitalization will enable qualified franchisees to build their business, their industry, and an employment base to create jobs.“
Since the inception of its national franchisee lending program in 2010, The Bancorp has funded more than $300 million to small businesses including franchisees and licensees. Funding is available for new and existing franchisees who meet predetermined standards set by The Bancorp in collaboration with the franchisor.