Benetrends, the trusted leader in franchise funding, announced today Sport Clips Haircuts has secured funding through its new $100 million franchise financing program, which launched in January.
As the nation’s largest franchise dedicated to men’s and boys’ hair care, Sport Clips Haircuts will receive $10 million in funding to drive its expansion across the U.S.
“In less than two months, Benetrends has already provided more than $20 million to franchisors and their franchisees to grow their businesses in markets across the U.S.,” said Rocco Fiorentino, president & CEO, Benetrends, Inc. “Access to adequate capital plays a key role in ensuring not only short-term growth, but also long-term success for franchise-owned businesses.
Benetrends’ $100 million fund was created to help International Franchise Association franchisor members provide qualified candidates with direct access to capital for new store development. Sport Clips Haircuts is the second franchisor selected by Benetrends to participate in the new fund. In January, Hand & Stone, a rapidly growing spa franchise, received $10 million in initial capital to assist with its franchise growth.
“Sport Clips has been recognized for being one of the fastest-growing franchises in the industry and we have aggressive plans to continue that momentum throughout 2014,” said Gordon Logan, founder and CEO of Sport Clips Haircuts. “Benetrends’ development fund will help us meet our goal of opening 180 additional locations with both new and existing franchisees nationwide.”