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Roofing Company Startup Costs: Our Franchise Financing Options

With historical revenue of $4.1M and multiple major markets available for expansion, 2024 can be your year to achieve the dream of business ownership.

Find the right funding opportunities so your journey to business ownership can take you to new heights.

Bumble Roofing Franchise Financing Options

Many people think they need millions of dollars to start a business – the fact is, you don’t need to be a millionaire to own a franchise. When you invest in a Bumble Roofing franchise opportunity, our franchise success team is available to help you review your financing options and choose the right fit for you to cover roofing company startup costs

As a prospective franchise owner, you’ll find there are many funding options to choose from when it comes to purchasing your franchise. To achieve the necessary capital, you may be able to combine funds from different sources. The most important factor to consider when reviewing funding opportunities is to determine which best suits your needs.

Some options to explore when it comes to financing your franchise with Bumble Roofing include:

Commercial Bank Loans

You can apply for a commercial loan with the bank of your choice. Approval for these types of loans may require a good credit rating and a detailed business plan.

Personal Assets

You can use your savings accounts, severance packages from previous employers, or home equity and retirement savings to help finance your franchise. However, it’s important to note that this option can jeopardize future financial security.

Small Business Administration (SBA) Loans

With a portion backed by the federal government, SBA loans tend to have more favorable interest rates and repayment terms than conventional commercial bank loans. Type 7(a) loans are recommended as they have fewer limitations than type 504 loans and are ideal for new franchises.

Rollovers as Business Startups (ROBS)

ROBS makes it possible to withdraw money from a 401(k) or other retirement savings account without incurring penalties. Seeking guidance from a Certified Public Accountant is recommended, as rollovers may be risky if not done correctly.

Alternative Lenders

If you’re having difficulty securing commercial bank or SBA loans, it might be worthwhile to look into alternative lenders. Alternative lenders may provide a faster and less stringent approval process than traditional sources, but keep in mind that they generally have higher interest rates and shorter repayment periods.

Friends and Family

When you have poor credit ratings, you can’t afford to pay interest, and if all else fails, borrowing from friends and family can be an attractive option. You’ll want to select your partner(s) carefully and provide them with a clear understanding of the risk involved.

Who Qualifies for Franchise Financing?

To invest in a Bumble Roofing franchise opportunity, you’ll need a complete idea of your financial standing. You’ll be asked to provide a personal net worth statement as part of your consideration during the application process to determine your financial eligibility. 

You may qualify for franchise financing if you have more assets than debt or a positive net worth. We may require that you have a minimum amount of liquid assets at your disposal to cover start-up costs, living expenses, and other financial obligations until the business becomes profitable.

Bumble Roofing franchise owners must meet the following financial requirements:
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Ensure Your Success When Obtaining a Franchise Loan

There are some steps you can take to ensure you obtain financing approval no matter which loan option you’re reviewing.

Some ideas include:

Talk to us

Our franchise success team has an approved list of lenders who are inclined to work with franchisees.

Verify SBA eligibility
Franchises listed in the SBA Franchise Directory have met SBA criteria and have more lending opportunities than those that don’t.
Determine your collateral
You must guarantee your loan with valuable assets, such as cash, property, stocks, vehicles, or other means. The more collateral you have, the better the chance of approval.
Check your credit history
You should review your credit history and correct any inaccuracies before you apply. Additionally, all Empower Brands candidates must obtain a background check.
Secure your down payment
Depending on which lending option you choose, you may be expected to put 20% down.
Create a business plan
Some lenders may only ask for a brief, one-page summary of your business plan. Other lenders, like banks, typically require a detailed plan that includes revenue and expense estimates.
Provide information about the franchise
Different lenders may be more inclined to work with well-known franchises that have a proven track record than those that do not.

Starting a franchise with Bumble Roofing doesn't require you to be a millionaire. Our dedicated team is ready to assist you in exploring how to finance your franchise through various financing options that align with your business goals.

Bumble Roofing is a Member of the Empower Brands Family
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Start the Process NOW!

Want to see how you can create a buzz in your community with Bumble Roofing? Reach out today to learn more about our roofing franchise opportunity.

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