Paul Bosley, owner of Healthclubexperts.com dba Business Finance Depot, has been financing fitness centers and franchises for over a decade. Our company packages Small Business Administration (SBA) loans to finance the working capital and buildout for many franchisees with a variety of key SBA lenders. Paul works closely with many leasing companies to finance almost any vehicles and equipment needed to operate any business. Business Finance Depot offers these unique products to franchisors who want to offer financing to their new and existing franchisees. Please visit our www.linkedin.com/in/paulbosley/ to read our 1,100 endorsements on LinkedIn.
1. Tell us about the Business Finance Depot concept.
Our company serves franchisors by providing financing for new franchisees launching the new business or acquiring an existing franchise business. We specialize in packaging SBA Express loans for working capital up to $150,000 and SBA 7(a) for financing larger projects ranging from $250,000 up to $5,000,000. We also specialize in packaging equipment leases to finance all of the equipment needed to operate a business. Finally, we have alternate lending sources for working capital if a candidate wishes to self-fund their new business or does not qualify for an SBA loan.
2. How and when did you become involved with Business Finance Depot?
Healthclubexperts.com dba Business Finance Depot was launched our company in June 2006 initially which focused on packaging equipment leasing to the fitness industry. We have served as the leasing manager for Keiser Corporation and Promaxima Manufacturing, 2 major fitness equipment manufacturers, for nearly a decade. Paul Bosley is the founder and Managing Member of the company.
3. What was your background prior to joining Business Finance Depot?
Paul Bosley has worked in the fitness industry for 44 years; the first 34 years as an owner-operator of a large chain of fitness centers located in the northeast US and Canada. Paul launched the company 10 years ago initially to provide financing for the fitness industry. Paul volunteered for SCORE, a division of the Small Business Administration of the federal government, 7 years ago. As a result of Paul’s volunteer work, Paul worked with many SBA lenders and learned about the various SBA loan types and their qualifications. Paul also completed all accounting courses at the undergraduate level to be admitted in the Master’s Degree program of Florida Atlantic University in Accountancy with a concentration in Business Valuation.
4. What are some of the advantages in being a Business Finance Depot franchisee?
Our unique sales proposition is the SBA Express working capital loan combined with an equipment lease for our clients. These 2 complementary debt financing products do NOT require our clients to use their home as collateral or to liquidate their retirement accounts! We typically provide up to $250,000 of financing for new and expanding franchisees.
5. Who is your ideal franchisee?
Our ideal franchisee has good personal credit, is a homeowner and has transferable business skills. The best franchise for combining the SBA Express working capital loans with an equipment lease are store front retail business opportunities or home based businesses requiring a vehicle to operate the business.
6. Tell us a little about the Financing Market?
Our business specializes in providing financing to franchisors in all industry segments located anywhere in the US.
7. What are some of the greatest lessons you’ve learned in growing this franchise?
We are not a franchise, but we certainly have helped many franchises grow!
8. Do you have a mentor and is their someone you use for inspiration?
Jesus Christ is my Lord and Savior
9. What advice do you have for someone looking to acquire a Franchise?
I recommend that a potential franchisee reads the FDD carefully, contacts other existing franchisees and visits the franchisor for a discovery day BEFORE making a commitment to pursue opening up a franchise.
10. In your opinion, why do you think that Business Finance Depot would be a great opportunity for someone?
Yes, if the potential franchisee is considering opening a home-based franchise or a retail storefront franchise business.