The Wireless Toyz franchise has a shockingly high SBA loan default rate of 63%. Wireless Toyz is listed by the SBA as one of the worst franchises by SBA loan default.
Are you familiar with the Wireless Toyz franchise opportunity? Please share a comment below.
According to the Small Business Administration, Wireless Toyz franchisees received 42 SBA-guaranteed loans since 2001; more than half of those loans have been defaulted on by Wireless Toyz franchise owners.
The Wireless Toyz Franchise has a failure rate of 63% for SBA-backed franchise loans
The Wireless Toyz franchise and founder Joe Barbat have been no stranger to controversy, as evidenced by these posts on their franchise conflicts in the past:
What’s especially sad is that it’s likely that Wireless Toyz franchise owners who received SBA loans may have collateralized their franchise loan with their houses or other personal assets, and more than half of them were unable to repay those franchise loans… despite serious incentive to do so.
Are you familiar with the Wireless Toyz opportunity?
What do you think accounts for the SBA loan failure rate of Wireless Toyz franchise owners?
What steps should Wireless Toyz take to stop further franchise failures?
Has Wireless Toyz and Joe Barbat taken serious action to address the problems that led to the 63% loan failures?
Please share a comment, opinion or insight below.
ARE YOU A WIRELESS TOYZ FRANCHISE OWNER OR WIRELESS TOYZ FRANCHISEE? ARE YOU FAMILIAR WITH THE WIRELESS TOYZ FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
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