EuroKids partners with SBI to offer collateral free loans to new and existing franchise partners
The business loans will also offer interest rate concessions for women franchise partners.
Under the partnership, EuroKids and SBI will offer a collateral free loan, with tenure of up to five years and a moratorium period of three months for payment of the Principal and the Interest.
EuroKids International Co-Founder and CEO Prajodh Rajan said, “With a host of benefits, this unique initiative paves the way in increasing the attractiveness of establishing EuroKids Pre-School franchise."
"Our partnership with the State Bank of India is a step towards providing financial support to encourage entrepreneurs, especially from small towns in setting up and scaling their business. The special rate concessions for women franchise partners will encourage them to pursue their entrepreneurial interests with greater enthusiasm,” Rajan said.
SBI has developed a comprehensive suite of products catering to the needs of franchisees – covering initial setup investment (long term loans) to daily operating requirements (working capital) as well transaction solutions (PoS terminals, Buddy Wallet etc).
This offering will be provided through a strategic tie-up between the Bank and the Franchisor – to fund their existing and new franchisees.
The Bank is selectively on-boarding established franchisors onto the program and partnering with marquee brands such as EuroKids in their growth journey.
SBI DGM SME Surender Rana said, “The Bank is extremely positive on the outlook towards franchise financing and the growth opportunities it can provide. We continue to strive in offering competitive and innovative schemes to franchisees through franchisor-affiliation and product customization."
"The lending process would be simplified through franchisor support. This will also result in reduced turn-around time for the entire loan process. The partnership with EuroKids will be a significant step in our journey to be the preferred choice banker when it comes to franchise finance,” said Rana.
EuroKids has enabled more than 900 entrepreneurs till date, of which over 80 per cent are women.
The EuroKids franchise model offers a unique training methodology coupled with NextGen advantages and Edge 360 degree support in helping entrepreneurs towards building their franchise business.
This includes providing help in setting up the perfect Pre-School infrastructure, ambience, equipment, teaching aid support, teacher recruitment, training, lending operational support and marketing insights for lead generation.
With Pre-School Education expected to grow 35 per cent annually, this initiative will help entrepreneurs in securing financial aid to set up EuroKids’ Pre-School franchises.
Image:wikimedia commons
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