Tropical Smoothie Café Commits 20 Million for Franchisee Financing
July 28, 2014
The Franchisee Financing Program provides qualified existing Franchise Owners with loans to cover 80 percent of store development costs, including franchise fees, equipment, signage and other expenses related to opening.
The company has already approved more than $2.5 million through the program.
In June, the first two cafes opened under the program, one in Melbourne, FL, and the other in Syosset, NY.
“Our same-store sales and store openings continue to grow, which shows consumers love our brand,” said Tropical Smoothie Café CEO Mike Rotondo. “This is a solution for our Franchise Owners who want to expand their businesses but find it difficult to acquire loans through traditional means.”
Fueling the interest from new prospects and existing franchisees is the continued increase in both same-store sales and new cafes. Last year, Tropical Smoothie Café opened 40 restaurants and reported a 6.4 percent increase in same-store sales. Through July of 2014, the 385-unit food-and-smoothie chain is reporting a 9.2 percent increase in same-store sales and expects to open 70 new locations by year end.
“These numbers blow away current industry standards, demonstrating that Tropical Smoothie Café not only has great food and smoothies, but is also a smart investment,” said Scott Pressly, chairman of Tropical Smoothie Café and Managing Partner at BIP Capital. “Consumers want real food and we deliver.”
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