Business & Finance
Business and Finance
Business and Finance
Thu, July 15, 2010 BrightStar Becomes First Franchise System Approved for a New Franchisee Lending Program Created by The Bancorp Bank and Franchi
WILMINGTON, Del.--([ BUSINESS WIRE ])--The Bancorp Bank (aBancorpa), a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ:TBBK), today announced that BrightStar®, the first franchising company in the United States to specialize in both medical and non-medical care and healthcare staffing, has become the first franchisor approved for a new franchisee lending program created by Bancorp and Franchise America Financea".
"The Bancorp Bank is pleased to offer a streamlined approach to franchise lending. We see the franchise program as a strong source of new job creation to further stimulate the US economy"
Bancorp has agreed to provide up to $6 million to start-up franchisees entering the BrightStar system, as well as expansion funding for existing franchisees that are ready to expand their businesses. An acquisition funding program has also been defined for existing franchisees. This capital allows BrightStar franchisees to help stimulate the economy by creating new permanent and sustainable jobs.
aThe Bancorp Bank is pleased to offer a streamlined approach to franchise lending. We see the franchise program as a strong source of new job creation to further stimulate the US economy,a said Diane Gallion, SVP of Government Guaranteed Lending for Bancorp.
"We are humbled that after a long journey of negotiating the very best terms for our franchisees, BrightStar is the first franchisor in the country to be approved to offer this program," said Shelly Sun, Co-Founder and CEO of BrightStar. "The successful completion of a financing program in this difficult market is a testament to the strength of our business model and an important step in the company's continued growth."
"We are thrilled to have BrightStar as our first approved franchise system in our strategic alliance with Bancorp," said Ronald Feldman, CEO of Franchise America Finance. "BrightStar's metrics fit our goals in providing capital to franchisees to start and grow their businesses. Their grasp of the unit economics of their franchisees allowed BrightStar to move quickly through our brand underwriting process. We look forward to a great relationship with Shelly Sun and the whole BrightStar team."
The lending program is the first of its kind, providing a collaborative effort between a lender and franchisor to set up a predictable model for franchise financing. Specifically created for start-up and expanding franchise businesses, the program is limited to approximately 30 franchise systems with measured performance and experience within their operations. Funding is available for new and existing franchisees who meet predetermined standards set by Bancorp.
For further information regarding The Bancorp Banka™s national franchise lending program please contact Diane Gallion at [ dgallion@thebancorp.com ].
About Bancorp
The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity programs nationwide. These programs enable members, employees and customers of Bancorp and its affinity clients to access tailored online-banking services. To learn more, please visit [ www.thebancorp.com ].
The Government Guaranteed Lending division of The Bancorp Bank comprises a full-service small to middle-market commercial loan originations group specializing in business loans and franchise financing through programs available from the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA). Our team focusing on government guaranteed lending has more than 50 years of combined experience in the field. For further information regarding The Bancorp Banka™s national franchise lending program please contact Diane Gallion at [ dgallion@thebancorp.com ].
About BrightStar®
Founded in 2002 and franchising since 2005, BrightStar is a full-service healthcare staffing agency that provides the full continuum of care, from homecare to supplemental staffing for corporate clients such as hospitals, nursing homes, and doctors offices. BrightStar's well-qualified, attentive caregivers provide peace of mind to clients and their families. They work to understand the needs of their clients and provide customized care to match them with a qualified, pre-screened caregiver who is compatible with their needs. Today, BrightStar has grown from one company-owned store to over 160 locations in 32 states and continues to open 7-12 territories each month.
About Franchise America Financea"
Franchise America Finance, LLC (FAF) was formed by a group of franchising professionals to address the void in the capital markets for franchising. FAF's services are in addition to the core franchise finance services that are performed by Siegel Financial Groupa". FAF can provide senior and subordinated debt, mezzanine financing and place equity for franchisors and franchisees.
