Miramar, FL – May 11, 2011 – Now that credit institutions are cautiously starting to make loans again, Granite Transformations has invested in a new tool to ensure its prospective franchisees have the strongest possible loan application package to obtain financing.
Beginning today, every new and existing Granite Transformations franchisee seeking financing will be supported with a Bank Credit Report provided by Granite Transformations directly to the franchisee’s loan officer. The report prepared by the leading franchise research firm FRANdata provides detailed information on the Granite Transformations franchise system that credit departments need to approve a loan. This report is an independent analysis designed to meet the rigorous underwriting standards required in this conservative lending environment.
“With the recent passage of the Small Business Jobs and Credit Act there is expected to be more access to capital for businesses and we want our franchisees to have the best possible chance to access this new capital,” explained Mark Johnson, Granite Transformations CEO. “That includes providing top-of-the-line resources for our franchisees like the Bank Credit Report.”
“The margin for error is far less today for franchisees. Lenders know that a franchise system’s past performance is a good indicator of what lenders should expect in the future,” explained FRANdata’s CEO and former bank executive Darrell Johnson. “Banks want unit, system, and franchisor performance analysis that goes well beyond FDDs so they can determine which brands are good credit risks.”
Following the standard underwriting topics and using established banking terminology, report topics include information on brand growth, financial and operational risks of the franchisor, franchise system and unit performance, SBA lending outcomes, and comparative sector performance by competing brands to provide context. The Bank Credit Report is prepared by FRANdata, an independent research company whose professional team has more than 30 years of collective experience in the banking industry. Headquartered in Arlington, Va., the company has been providing insight and analysis on the franchising sector since 1989. Its website address is www.frandata.com
ABOUT GRANITE TRANSFORMATIONS With U.S. offices based in Miramar, Fla., Granite Transformations, a division of Trend USA, has facilities and showrooms around the world offering new and exciting alternatives to traditional countertops, backsplashes, floors and more. The first Granite Transformations franchise opened in 1996 in Perth, Australia. Consumer response to the revolutionary resurfacing process was overwhelming resulting in growth across Australia and New Zealand. With the first U.S. offices opening in 2001, Granite Transformations now has nearly 90 showrooms across North America with more showrooms opening every year. In 2004, the company began UK operations and is now also growing throughout Europe. In addition to easy installation and beautiful surfaces, the company also offers its customers the convenience of quality cabinet refacing and acrylic tub liners.