TD Bank announced that it has joined with the International Franchise Association (IFA) and a pilot group of franchises to help United States veterans become franchise owners.
Across TD Bank’s Maine-to-Florida footprint, franchises such as Dunkin’ Donuts, Domino’s Pizza, Baskin-Robbins, and Papa Murphy’s will be able to offer a streamlined loan application process, a packaging-fee waiver, and lower interest rates from TD Bank for U.S. military veterans.
“A military background provides veterans with important skills and traits that we see in small business owners,” says Rich Bradshaw, head of Small Business Administration (SBA) Lending at TD Bank, who is also a retired Navy Reserve Intelligence Officer. “TD Bank knows that veterans are strong candidates for franchising, and we are pleased to work with the IFA and our franchise partners to help veterans achieve their business dreams.”
Participating franchises will be able to offer veterans information about financing with TD Bank when a veteran approaches them about becoming a franchisee.
"As a member of the IFA’s VetFran Program, Papa Murphy’s International offers a military royalty reduction incentive,” says Dick Larsen, vice president of development and finance for Papa Murphy’s.
“In 2012, we proudly welcomed 12 new veterans to our franchise family,” he adds. “Papa Murphy's International is honored to partner with TD Bank on this important financing initiative for our veterans and their spouses.”
IFA president and CEO Steve Caldeira says, “This groundbreaking initiative will help accelerate the number of veteran-owned franchise businesses along the Eastern seaboard. Veterans have a proven track record in franchising, and with more than 1 million troops returning to the civilian workforce in the coming years, we continue to work hard each and every day to extend career opportunities to our nation’s veterans.”
TD Bank is the largest SBA lender in its footprint and the seventh largest in the United States, and offers competitively priced, government-backed financing programs for small businesses within its Maine-to-Florida footprint.