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Success Stories
Amy and Greg Lankford
name: How I Got Funded without an SBA Loan
company: Signs Now of Plano, Texas
"My husband, Greg, was in the military, spending nine months in Iraq, and I wanted to have a business ready for him when he returned, so I started saving money to buy a franchise. I went through VetFran and signed a contract for a Signs Now business. Around the same time, I lost my job, so I couldn't save as much as I'd hoped. Things were coming down to the wire last August, and I was getting nervous. The SBA loans I'd applied for were turned down by two banks. So I went to FranFund, and they explained in 15 minutes that there was no way I'd ever qualify for an SBA loan. Instead, within four days, they helped us incorporate. Then we converted our IRAs that we'd built up while working in the corporate world into a 401(k) trust and ordered the 401(k) to invest in our Signs Now franchise. Our 401(k) bought a $130,000 interest, and we issued ourselves stock certificates. We were literally investing in ourselves. Having our money work for us is awesome. --Jason Daley Entrepreneur.com"
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