Diamond Financial, Bruegger's Enterprises, Inc. Launch Financing Prequalification Program
Potential franchisees get a leg up through early assessment

BURLINGTON, VT, March 19, 2009 /24-7PressRelease/ -- America's tight credit market has given potential entrepreneurs and franchisees a cause for concern, but Bruegger's Enterprises, Inc. (Bruegger's) may have found a solution. The fast casual chain, with 289 corporate and franchise locations across the U.S., has partnered with Diamond Financial to create an innovative program that helps pre-qualify franchisees for loans through the Small Business Administration (SBA). The program helps potential franchisees that are investigating the Bruegger's franchise opportunity assess their loan potential early in the process. The program is also available to existing franchisees that are expanding.

Bruegger's has seen significant growth company wide, despite the down economy. The company announced 19 quarters of consecutive growth as of fourth quarter 2008.

"The number one concern for franchise candidates these days is the availability of financing," said Chris Cheek, head of franchising for Bruegger's. "Our goal with this approach is to answer that question right up front - at the beginning of the process."

Through the program, individuals interested in becoming a Bruegger's franchisee can, at not cost to them, prequalify with Diamond Financial for an SBA loan. By applying for pre-qualification early in the development process, potential franchisees can assess the likelihood of receiving an SBA loan and establish an initial lending relationship.

"By joining forces with Bruegger's, we are trying to give the franchisee confidence and motivation during these tough lending times," said Don Johnson, Business Finance Consultant and Principal of Diamond Financial. "Criteria is more stringent, but we've found that SBA lenders are still granting loans. In fact, these are the best rates in the last five years."

In addition to being a well-established franchise operation with a strong brand, Bruegger's has a solid history with the SBA, and its franchisees historically show better loan-performance rates than among other franchise organizations. Bruegger's also has a lower point of entry than some of its competitors in the fast-casual segment, resulting in lower financial requirements.

"Bruegger's works with other lenders," notes Cheek, "but our relationship with Diamond Financial is a strategic one because it provides prospective franchisees more up-front information and an initial lending relationship early in the process."

The SBA guarantees a significant portion of loans, made through commercial banks and other lenders. The recently passed stimulus package earmarked $730 million for the SBA for temporary fee reductions and increased SBA guaranteed shares, up to 90 percent for certain loans.

Diamond Financial helps potential franchisees package loan applications to maximize their chance of approval.

"We believe that some of the best business opportunities arise during a down economy," said Cheek. "We want to help franchisees be in a position to take advantage of the opportunities."

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