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The 2nd action is to be strategic about how and where you get a loan. Secret targets for your loan application would be your own bank, local company lenders and national loan providers. Within that group, it is also crucial to target loan providers who may be familiar with the brand name and have made loans to other franchisees. That stated, don't use a shotgun approach and apply everywhere. This technique can cause ineffective use of your time and loan as the procedure can cause numerous decreases from lenders as you blindly submit applications. This procedure can take up to 120-190 days prior to you even get funded. In addition, some lenders charge application costs so it can get costly, but more importantly, a loan provider might do a "tough" credit pull on you when you apply. Multiple tough credit pulls within a timeframe will actually hurt your credit history and reduce your capability to get a loan. One alternative is to use a service like BoeFly, which puts you in the driver's seat. It permits lending institutions to examine your loan bundle and credit and engage with you straight without formally applying at the bank. Only once it seems like it might be a great match will the lender problem you a proposition or term sheet on the funding and after that formally welcome you to use at the bank - consequently conserving your credit history and money and time. Unlike other marketplaces and "connecting" websites, BoeFly can significantly minimize your time of origination by up to 75% in addition to your expenses.