Wingstop Secures $15 Million to Support Franchisees
QSRMagazine.com reports that Wingstop has been granted $15 million financing by Franchise America Finance (FAF) and The Bancorp Bank which it can use to develop new restaurants. This will be available to both new and existing franchisees said Dave Vernon, vice president of franchise sales. Wingstop, a fast-casual restaurant chain, is soon to open its 500th location.
Wingstop, the rapidly expanding wing chain with almost 500 locations in the U.S. and Mexico, announced a new program designed to provide financing for franchisees. The financing will be provided through Franchise America Finance (FAF) and The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc.
Under the terms of the partnership, Wingstop has $15 million available to assist with financing franchisees in the development of new restaurants.
“This collaboration allows us to provide national funding for our current brand partners and new franchise candidates,” says Dave Vernon, vice president of franchise sales for Wingstop. “Wingstop is adding new stores on a regular basis, and will open our 500th location this month. This funding will give us even more momentum as we grow the brand in new markets and expand within our core markets.”
Wingstop is owned by Atlanta-based Roark Capital
FAF is a full service, small-to middle market commercial franchise finance firm that was founded in 2010 with a focus on franchising and SBA lending.
“We are excited Wingstop has joined our franchise lending program,” says Ronald Feldman, CEO of Franchise America Finance. “Since we started this program last year, we have allocated more than $300 million for franchisee financing for our member franchise systems.”
Photo by Pay a bluish oak
