PRESS CONTACT:
Judy Hart
Senior Vice President
Director of Marketing
(860) 244-9202
Business Lenders Partners With International Franchise Cash Converters;
Continues To Finance U.S. Franchising Boom
HARTFORD, CT (BUSINESS WIRE) - Oct. 26, 1999 - Business Lenders, one
of the nation's ten largest non-bank SBA lenders, today announced a
partnership with Cash Converters, a franchisor of more than 500 retail
outlets in 21 countries to provide financing for new franchise
operations in the U.S.
The announcement caps a year of unprecedented growth for the 'preferred'
non-bank SBA lender, which increased its volume of approved loans 87
percent in Fiscal Year 1999 versus Fiscal Year 1998, according to the
U.S. SBA's Fiscal Year 1999 lender volume report.
"Non-bank SBA lenders are helping to finance the country's franchising
boom," says Penn Ritter, executive vice president, Business Lenders. "By
partnering with non-bank lenders, franchisors can attract greater
numbers of franchisees. We've become a national resource for financing
local operations."
To date, 14 Cash Converters stores have opened in the U.S. Expansion
plans call for 240 stores in the U.S. by 2004.
A franchise where pre-owned or used consumer durable goods are purchased
from and re-sold to the public, Cash Converters gives sellers immediate
cash payment for their sale and differs from Internet auctions like eBay
and other perceived competitors.
"The stores are tailored to people who prefer the face-to-face
transaction," says Roger Hunt, president and CEO of Cash Converters U.S.
operations.
Business Lenders is a preferred lender for national franchises Meineke
Discount Mufflers, Motel 6, Restaurant Systems, and boasts relationships
with several regional players. Lenders with SBA "preferred" lender (PLP)
status expedite the loan application process more quickly than other
lenders.
Headquartered in Schaumburg, IL, Cash Converters was founded by Brian
Cumins in Australia in 1984.
Penn Ritter, who hosted New England's first Business Opportunity Seminar
in Boston on the growth and future of franchising, is an executive vice
president with Business Lenders.
A member of the Medallion Financial Group, a New York-based specialty
finance company listed on NASDAQ (symbol: TAXI), Business Lenders is one
of the fastest growing non-bank lenders in the U.S. Approved-to-lend in
47 states and a preferred SBA lender in 18 markets nationwide, the
company is headquartered in Hartford, Connecticut, with offices in
Arizona, Connecticut, Illinois, Massachusetts, Maryland, New Jersey, New
York, and Rhode Island. To request information or an application call
toll free (877) 345-6267
