International Franchise Association brings together lending and franchise experts in Denver

8/11/2011

The International Franchise Association, in conjunction with law firm Faegre and Benson, hosted the first "lending bootcamp" in Denver in late July.

"This was an unprecedented event in Denver," said Kevin Hein, an associate at the law firm. "We are grateful for the impressive response to our 'lending bootcamp' and are proud to bring together the nation’s lending and franchise leaders to improve credit access for franchisors and franchisees."

The summit included IFA members, franchise industry businesses and experts and lenders to discuss the credit difficulties facing entrepreneurs interested in franchise opportunities. Franchises are a large part of the U.S. economy and lead to the employment of approximately 18 million workers, according to the IFA.

For potential small business owners, opening or purchasing a franchise can be a more streamlined and straightforward investment than an individual startup. Franchises have a business system already in place, from management training and branding to little details such as product display.

Many franchise companies also offer commercial loan assistance, and the U.S. Small Business Administration backs both standard and franchised businesses.

As the Denver summit was a success in bringing together experts and providing networking and education for industry professionals, the "lending bootcamp" will likely be seen in other locations in the near future.