Wanted: Lendees

Is your franchise's cash flow running low? Having trouble getting loans from your local bank? You may find this hard to believe, but some lenders are actually looking for you. One such lender is Textron Financial Corp., which provides loans for businesses of all sizes.

When Textron Inc. needed financing for its fleet of aircraft more than 20 years ago, it started a Providence, Rhode Island-based finance company that now provides loans for franchises like Great Clips, Dunkin' Donuts and Domino's Pizza. Its 17 divisions include a Tempe, Arizona, franchise lender and Textron Business Credit Inc., which handles loans for small businesses and franchises with less than five units.

How fast does it work? From the time Textron Business Credit receives a complete application package, it can usually give a yes or no answer in five business days and get the money out in 60 days.

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But before you go knocking on their door, you better know what you're getting into. Mary Olson, vice president and national sales manager for Textron Business Credit, says you should make sure your personal credit is clean, even if it means waiting a year. "Make sure you have the paperwork that lenders are looking for. If it's an existing business, they're going to want several years of financial information, including tax returns and a personal financial statement," she says. "Perhaps most important, they're going to want to know how much you're risking in the deal and how much you're asking the lender to risk."