The Tulsa, Oklahoma-based company has 224 units nationwide. But finding the needed funds was difficult. Enter Bill Wood, a former colleague from their days managing a McDonald's franchise in West Memphis, Arkansas. The two decided to go into business together, with Wood investing additional funds. With a substantial equity investment, Tapley and Wood were able to get an SBA loan for the remainder of the funds.
Partners can provide a good source of funds, but sometimes too many cooks spoil the broth.
They should be people who realize it's a risky investment. Personal finances . If you're unable to get a commercial loan, you might consider applying for a personal loan, such as a home-equity loan. Both Lane and Stevens say that they've seen businesses started this way. Even if you can get a traditional commercial loan, a home-equity loan can provide supplemental funding.