With small businesses often facing issues obtaining financial support from major financial institutions, Snap-on Tools has implemented a new credit program aimed at assisting prospective franchisees by allowing it to finance the start-up costs of a new franchise for an initial investment by a prospective franchisee of a minimum of $37,000.
Snap-on Tools ANZ Managing Director Ajit Ponnambalam said the program is centred on helping franchises become successful.
“This program will allow us to invest in and support people who we see as being ideal candidates for a Snap-on franchise but are facing financial obstacles in starting their business,” he said.
“They can join Snap-on knowing they are getting a loan from a company that genuinely wants them to succeed and really understands their business.”
New Snap-on Tools franchisee Steve Marsh, the first person to use the Snap-on Credit Program in Australia, was able to cover essential business start-up costs and product inventory using the Program.
“Trying to get a loan from a bank to start my business turned out to be an absolute ‘spider’s web’,” he said.
“Using the Snap-on Credit Program meant I could get a stress-free loan quickly, from someone who really understands my business.”