DENVER — Toasted sub chain Quiznos has announced a microloan initiative established to provide funding for current franchise owners seeking to expand their involvement with the brand. The initiative is designed to help mitigate the effects of a difficult lending environment, officials said.
The microloans are available to existing owners with a strong operational history and are intended to be used for the acquisition of new high-quality sites and the re-opening of existing Quiznos sites.
"We see this microloan initiative as an excellent way to invest in our franchise owners," said Rick Schaden, Quiznos founder and CEO. "We know these sites have tremendous potential under the right ownership, and we look forward to helping good owners realize greater profitability and overcome the obstacle of the current credit market by providing the necessary capital."
Quiznos' microloans will vary according to individual circumstance. Based on the success of Quiznos' first microloan in February of this year, six additional franchise owners nationwide are in the process of securing microloans from Quiznos and many more are under consideration.
