WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp,
Inc. (NASDAQ:TBBK), today announced that BrightStar®, the first
franchising company in the United States to specialize in both medical
and non-medical care and healthcare staffing, has become the first
franchisor approved for a new franchisee lending program created by
Bancorp and Franchise America Finance™.
Bancorp has agreed to provide up to $6 million to start-up franchisees
entering the BrightStar system, as well as expansion funding for
existing franchisees that are ready to expand their businesses. An
acquisition funding program has also been defined for existing
franchisees. This capital allows BrightStar franchisees to help
stimulate the economy by creating new permanent and sustainable jobs.
“The Bancorp Bank is pleased to offer a streamlined approach to
franchise lending. We see the franchise program as a strong source of
new job creation to further stimulate the US economy,” said Diane
Gallion, SVP of Government Guaranteed Lending for Bancorp.
"We are humbled that after a long journey of negotiating the very best
terms for our franchisees, BrightStar is the first franchisor in the
country to be approved to offer this program," said Shelly Sun,
Co-Founder and CEO of BrightStar. "The successful completion of a
financing program in this difficult market is a testament to the
strength of our business model and an important step in the company's
continued growth."
"We are thrilled to have BrightStar as our first approved franchise
system in our strategic alliance with Bancorp," said Ronald Feldman, CEO
of Franchise America Finance. "BrightStar's metrics fit our goals in
providing capital to franchisees to start and grow their businesses.
Their grasp of the unit economics of their franchisees allowed
BrightStar to move quickly through our brand underwriting process. We
look forward to a great relationship with Shelly Sun and the whole
BrightStar team."
The lending program is the first of its kind, providing a collaborative
effort between a lender and franchisor to set up a predictable model for
franchise financing. Specifically created for start-up and expanding
franchise businesses, the program is limited to approximately 30
franchise systems with measured performance and experience within their
operations. Funding is available for new and existing franchisees who
meet predetermined standards set by Bancorp.
For further information regarding The Bancorp Bank’s national franchise
lending program please contact Diane Gallion at dgallion@thebancorp.com.
About Bancorp
The Bancorp, Inc. is a bank holding company that operates The Bancorp
Bank, an FDIC-insured commercial bank that delivers a full array of
financial services and products both directly and through private-label
affinity programs nationwide. These programs enable members, employees
and customers of Bancorp and its affinity clients to access tailored
online-banking services. To learn more, please visit www.thebancorp.com.
The Government Guaranteed Lending division of The Bancorp Bank comprises
a full-service small to middle-market commercial loan originations group
specializing in business loans and franchise financing through programs
available from the U.S. Small Business Administration (SBA) and the U.S.
Department of Agriculture (USDA). Our team focusing on government
guaranteed lending has more than 50 years of combined experience in the
field. For further information regarding The Bancorp Bank’s national
franchise lending program please contact Diane Gallion at dgallion@thebancorp.com.
About BrightStar®
Founded in 2002 and franchising since 2005, BrightStar is a full-service
healthcare staffing agency that provides the full continuum of care,
from homecare to supplemental staffing for corporate clients such as
hospitals, nursing homes, and doctors offices. BrightStar's
well-qualified, attentive caregivers provide peace of mind to clients
and their families. They work to understand the needs of their clients
and provide customized care to match them with a qualified, pre-screened
caregiver who is compatible with their needs. Today, BrightStar has
grown from one company-owned store to over 160 locations in 32 states
and continues to open 7-12 territories each month.
About Franchise America Finance™
Franchise America Finance, LLC (FAF) was formed by a group of
franchising professionals to address the void in the capital markets for
franchising. FAF's services are in addition to the core franchise
finance services that are performed by Siegel Financial Group™. FAF can
provide senior and subordinated debt, mezzanine financing and place
equity for franchisors and franchisees.
Source: The Bancorp, Inc.
Contact:
BrightStar
Shelly Sun
847-693-2008
or
Franchise
America Finance
Ronald Feldman or Nate Greenberg
610-668-9780
or
The
Bancorp Bank
Andres Viroslav
215-861-7990
andres.viroslav@thebancorp.com