The information below is designed to help you make the best business and personal decisions for you and your business. Be sure to review all fine print so that you fully understand the obligations that are part of this loan.
When you contact one of these financial organization, please be sure to add your Franchise Development Director to any communication.
Financial Lender Comparison |  |  |  |  |  |
|---|---|---|---|---|---|
| Loan Amount | LenPick $50,000 – $5,000,000 | First Financial $150,000 – 350,000 | Capital Bank $100,000 – $500,000 | First Bank of the Lake $150,000+, preferably $200,000+ | Benetrends Financial Starting at: |
| Term Length | LenPick 10 years | First Financial 10 years | Capital Bank 10 years | First Bank of the Lake 10 years | Benetrends Financial 6-10 years |
| APR | LenPick 8% – 12.5% | First Financial WSJ Prime + 3% | Capital Bank WJS Prime + 2.75% | First Bank of the Lake WSJ Prime + 2.5 – 2.75% For veterans and their spouses, we offer half a point off the rate and waive the standard packaging fee | Benetrends Financial 8.5% to 16% |
| Funding Time | LenPick 8 weeks | First Financial 30-45 business days | Capital Bank 35 days or less | First Bank of the Lake 60-day average, depending on your documentation | Benetrends Financial Varies depending on funding mechanism (Fleet / SBA / Unsecured / ROBS) |
| Credit Requirements | LenPick 620 FICO® Score | First Financial 700 FICO® Score | Capital Bank 680 FICO® Score | First Bank of the Lake 750 FICO® Score | Benetrends Financial 690+ FICO® Score |
| Income Requirements | LenPick Must be able to support personal expenses with outside income, spouse, or savings. | First Financial None required | Capital Bank Operating business must be able to show ability to service requested debt (historical or projected) | First Bank of the Lake None, but outside income helps | Benetrends Financial Enough liquid capital to pay the initial franchise fee and annual household income |
| Experience Requirements | LenPick Industry experience or transferable skills. | First Financial None required | Capital Bank 2 years industry experience | First Bank of the Lake None required | Benetrends Financial None required |
| Equity % | LenPick 5-20% into the business. 10% as cash reserves for emergency purposes. | First Financial 10% equity injection | Capital Bank 10% of total project costs | First Bank of the Lake Min 5% | Benetrends Financial Varies depending on funding mechanism (Fleet / SBA / Unsecured / ROBS) |
| Business Plan | LenPick Will need a thorough business plan and financial projections. We assist with this. | First Financial Designed specifically for start-up and existing businesses. Perfect for home-based franchises of all types | Capital Bank Business plan required on all start ups or projection based requests. Included (or attached to) 2 years financial projections with detailed assumptions on how the projections were formulated | First Bank of the Lake Required for startups and acquisitions | Benetrends Financial Varies depending on funding mechanism (Fleet / SBA / Unsecured / ROBS) |
| Website | LenPick | First Financial | Capital Bank | First Bank of the Lake | Benetrends Financial |
| Contact Info | LenPick Phone
Email | First Financial Cindy Watson Phone
Email | Capital Bank Don Springer Phone
Email | First Bank of the Lake Matt Goers
Direct
Cell
Email | Benetrends Financial Jade Maloney
Direct Email |
Resources | LenPick Download Resources | First Financial Download Resources | Capital Bank Download Resources | First Bank of the Lake Download Resources | Benetrends Financial Download Resources |