Equal Access
Giving minorities, veterans and women a fair shot at franchising
A "memorandum of understanding" was recently reached between the SBA and the International Franchise Association (IFA) to promote franchise ownership among minorities, women and veterans. Together, they're also urging lending institutions to help bring franchising into economically distressed areas by increasing loan volume to qualified members of these underrepresented groups.
"As people become more versed in the process and profitability of [franchising], they see it as a viable alternative to opening their own businesses," says Debbie A. Smith, IFA's vice president of public affairs and emerging markets. "At the same time, franchisors haven't necessarily gone after ethnic minorities or women [as a population]. They've probably just looked at whomever walked through the door."
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