Ellianos Coffee, a coffee franchise, completed a new partnership with First Federal Bank, securing $25 million dollars in funding for franchisees. The new partnership will allow franchisees to streamline the lending process to attain business loans.
Ellianos Coffee is experiencing accelerated growth throughout the southeast, with 22 stores currently open and more than 60 stores in development. The new partnership with First Federal Bank comes at a pivotal moment in the franchise’s history and will mean even more expedient growth and franchisee satisfaction.
Offering two different types of loans for franchisees, loan officers at First Federal Bank will evaluate the needs of each Ellianos franchisee to provide them with the best lending option to suit their business goals.
The first lending option First Federal Bank offers franchisees is the Small Business Administration (SBA) Loan. This option includes terms up to 15 years, requires less personal liquidity and requires a 10% minimum cash down at closing, among other qualifications.
The second lending option available for Ellianos franchisees through First Federal is a traditional commercial loan, which includes terms up to 10 years. The franchisee needs higher personal liquidity, a higher minimum credit score and a larger down payment at closing, in addition to a few other requirements. In comparison to SBA financing, this option has lower closing costs.
“Lending to people opening small businesses is helping them fulfill the American dream.” Rob Hughes, CGGL division president of First Federal Bank, said. “Being able to offer flexible programs ensures we can meet the needs of all Ellianos’ franchisees whether they are in startup mode or expanding their existing businesses.”
“We couldn’t be more thrilled to be working with First Federal Bank,” Scott Stewart, president of Ellianos Coffee, said. “Every member of their team is truly committed to their core values and ready to help our franchisees accomplish their business goals. We’re looking forward to seeing our new and existing franchisees succeed as a result of this key relationship.”
The coffee industry proved to be recession-proof throughout the COVID-19 pandemic and is expected to grow annually by 4.32%. Because of its distinctive double-sided drive-thru-only model, Ellianos Coffee experienced record-breaking sales throughout 2020 in the heart of the pandemic, perfectly poised to accommodate the unique conditions. Since the pandemic, the demand for drive-thru service has, in part, catapulted Ellianos into an unprecedented growth stage. First Federal Bank’s lending program will ensure franchisees can take full advantage of the current booming coffee industry climate as quickly as possible and transform their stores from a dream to a reality.
