BrightStar®, the first franchising company in the United States to specialize in both medical and non-medical care and healthcare staffing, has become the first franchisor to receive a credit facility from a new SBA guaranteed lending program created by Franchise America Finance and The Bancorp Bank.
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BrightStar® - a senior home care franchising company receives $6 million credit facility
1. BrightStar® - a senior home care
franchising company receives
$6 million credit facility
2. BrightStar®, the first franchising company in the
United States to specialize in both medical and non-
medical care and healthcare staffing, announced that
it has become the first franchisor to receive a credit
facility from a new SBA guaranteed lending program
created by Franchise America Finance and The
Bancorp Bank.
3. The $6 million facility provides start-up franchisees
entering the BrightStar system, as well as expansion
funding for existing franchisees that are ready to
expand their businesses.
An acquisition funding program has also been defined for
existing franchisees. This capital allows BrightStar franchisees to
help stimulate the economy by creating new permanent and
sustainable jobs.
4. “We are humbled that after a long
journey of negotiating the very best
terms for our franchisees, BrightStar is
the first franchisor in the country to be
approved to offer this program,”
said Shelly Sun, Co-Founder and CEO
of BrightStar.
“The successful completion of a financing program in this
difficult market is a testament to the strength of our business
model and an important step in the company’s
continued growth.”
5. The lending program is the first of its kind, providing a
collaborative effort between lender and franchisor to
set up a predictable model for franchise financing.
Specifically created for start-up and expanding franchise
businesses, the program is limited to approximately 30
franchise systems with measured performance and
experience within their operations.
Funding is available for new and existing franchisees who meet
predetermined standards set by The Bancorp Bank.
6. “We are thrilled to have BrightStar as
our first approved franchise system in
our strategic alliance with The Bancorp
Bank,” said Ronald Feldman, CEO of
Franchise America Finance stated.
“BrightStar’s metrics fit our goals in providing capital to
franchisees to start and grow their businesses. Their grasp on
the unit economics of their franchisees allowed BrightStar to
move quickly through our brand underwriting process. We look
forward to a great relationship with Shelly Sun and the whole
BrightStar team.”
7. About BrightStar®
Founded in 2002 and franchising since 2005, BrightStar is
a full-service healthcare staffing agency that provides the
full continuum of care, from homecare to supplemental
staffing for corporate clients such as hospitals, nursing
homes, and doctors offices.
BrightStar’s well-qualified, attentive caregivers provide peace of
mind to clients and their families. They work to understand the
needs of their clients and provide customized care to match
them with a qualified, pre-screened caregiver who is
compatible with their needs. Today, BrightStar has grown from
one company-owned store to over 190 locations.
8. About Franchise America Finance™
Franchise America Finance, LLC (FAF) was formed by a
group of franchising professionals to address the void in
the capital markets for franchising. FAF’s services are in
addition to the core franchise finance services that are
performed by Siegel Financial Group™. FAF can provide
senior and subordinated debt, mezzanine financing and
place equity for franchisors and franchisees.
For more information, contact: Ronald Feldman or Nate
Greenberg at (610) 668-9780.