July 12, 2012
The Philly Connection franchise has an outrageously high SBA loan default rate of 56%.
What’s even more shocking is that the Philly Connection franchise system only lists 32 operational locations, yet they’ve had more than 80 franchise loans approved since 2001. More than 1/2 of those loans ended with the franchisees defaulting.
Are you familiar with the Philly Connection franchise opportunity? Please share a comment below.
According to the Philly Connection franchise website, Philly Connection is actively recruiting individuals to invest anywhere from $160,000 – $249,500 in the Philly Connection franchise opportunity.
The Philly Connection Franchise has a failure rate of 56% for SBA-backed franchise loans
What Philly Connection doesn’t disclose on their website is that more than half of those who financed a Philly Connection franchise through an SBA-backed loan have defaulted on that loan.
That’s right: More than half of the Philly Connection franchise owners who received SBA loans, some of whom may have collateralized their franchise loan with their house or other personal assets, were unable to repay those franchise loans… despite serious incentive to do so.
Are you familiar with the Philly Connection franchise opportunity?
What do you think accounts for the SBA loan failure rate of Philly Connection franchise owners?
What steps should Philly Connection be taking to stop further franchise failures?
Please share a comment, opinion or insight below.
ARE YOU A PHILLY CONNECTION FRANCHISE OWNER OR FORMER PHILLY CONNECTION FRANCHISEE? ARE YOU FAMILIAR WITH THE PHILLY CONNECTION FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
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