Boston - August 31, 2016
Fantastic Sams, the Massachusetts-based chain has now been approved for a franchisee lending program created by The Bancorp through its primary financial institution, The Bancorp Bank (Member FDIC, Equal Housing Lender).
The strategic alliance provides start-up funding for franchisees entering the Fantastic Sams system, as well as expansion and remodel funding for existing franchisees to expand their businesses. This capital allows Fantastic Sams franchisees to stimulate the economy by creating new permanent and sustainable jobs.
"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.”
Fantastic Sams has created a new image for Fantastic Sams salons and has launched a program to accelerate remodeling of existing Fantastic Sams salons. The new image has an enhanced look and provides a chic new space for guests. The innovative style possibilities accommodate any salon’s size and layout and each option includes affordable décor selections with state-of-the-art equipment and features.
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. We are thrilled to have Fantastic Sams as a member of our national lending program.”
Since the inception of its national franchisee lending program in 2010, The Bancorp has funded over $300 million to small businesses including franchisees and licensees. The Bancorp’s franchise lending program is a unique approach to lending to franchisees, providing a collaborative effort between 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 franchise systems with measured performance and experience within their operations. Funding is available for new and existing franchisees who meet predetermined standards set by The Bancorp in collaboration with the franchisor.
About Fantastic Sams
Fantastic Sams was the first nationally franchised full-service hair salon, and has grown to more than 1,100 locations over 40 years. Unlike discount haircut franchises, Fantastic Sams offers the full range of salon services, including haircuts and trend-right styles, color and waxing, which helps generate higher tickets and margins. Fantastic Sams invented the “no-appointment needed” hair salon and continues to be a franchise and beauty industry leader. For more information on the Fantastic Sams franchise opportunity, visit http://www.fantasticsamsfranchise.com.
About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s chief financial institution, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. thebancorp.com
The Bancorp’s Small Business Lending team is recognized as an SBA National Preferred Lender, having earned this distinction based on our demonstrated track record of working with the SBA, proficiency in underwriting and servicing SBA loans, and a commitment to small business. Our team of lending specialists works closely with every potential borrower, carefully reviewing needs to determine if we can help. If so, we patiently guide borrowers through the process, from assessing which loan is appropriate, to application process, to funding and servicing of the loan. thebancorp.com