Veteran Purchasing a Franchise? -

Hi, I am about to leave the military and would like to take advantage of the Small Business benefits offered to disabled veterans. The VA works with the SBA to secure loans that require not much down, but I don t know exactly what it would take for this scenario. I don t have a whole lot of capital to work with right now other than my savings and retirement which is under $10,000. I would like to know about different ways I can go about purchasing a franchise. Here s what I m looking at:1-800-GOT-JUNK? has some territories they want to franchise and they advertise $142,000 liquid capital required. They seem to have some good VetFran opportunities listed here:http://franchise.org/1-800-GOT-JUNK_fran��So basically, I own a home that I owe $116,000 on and should be work $135,000 to 150,000. I can scrape together up to $10,000. If i can borrow the rest then that s what I d like to do. What are my options here?1) Can the bank put a lien on my house for what I need and if so would that require refinancing or anything that like?2) Can I borrow the money they need to secure the loan from other sources? I could probably pull a personal loan out for $20,000 if needed.Any input would help me out a lot, thanks!

You have a few different options, Josh, depending on several factors, including your credit rating. For starters, many franchisors offer FranVet and minority incentives. This article that I wrote deals specifically with franchise financing:http://ezinearticles.com/?5-Top-Franchis��Feel free to read other articles (35 in all) that I have written that discuss all aspects of franchising:http://EzineArticles.com/?expert=Cory_Ba��Let me know if I can help you further.

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Another idea is to contact 800-GOT-JUNK and see if they have a lender that they deal with on a regular basis.As a Franchisor, we ve recently found a company that came highly recommended. Diamond Financial. We looked at a lot of different lenders, but Diamond has been very upfront and quick to respond to questions. We like that. So, that s who we offer up to our potential Franchisees.We get nothing but a hearty handshake for sending them business, by the way! :)Best of luck,Darren HolmquistEdgemaster Franchising, Inc.