GE Capital, Franchise Finance recently provided a $3.5 million credit facility to New-Wen Inc., owners and operators of six Wendy’s units in Ohio. New-Wen used the proceeds to refinance its existing debt structure in order to help in remodeling some restaurants and to purchase the underlying land at one of their existing Wendy's locations.
“This facility with New-Wen is part of our long tradition of supporting small and mid-sized restaurant franchise businesses,” says Allan Hauptli, vice president at GE Capital, Franchise Finance. “We’ve been New-Wen’s exclusive lender for nearly a decade and are pleased to continue this long relationship.”
New-Wen, based in Newark, Ohio, owns and operates six Wendy’s units throughout the Ohio area.
“Real estate evaluations can be a lot to deal with at a local bank level,” says Mike Simmerman, president of New-Wen Inc. “We chose to continue with GE Capital because their financing expertise enabled us to successfully and efficiently consolidate our multiple debt structures, freeing up capital to make some important investments for our future.”