Dr. Martin Luther King, Jr.'s Influence Inspires Change and Growth
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and...
2 min read
FranFund
:
Jan 17, 2025 3:28:17 PM
“Faith is taking the first step even when you can't see the whole staircase." - Dr. Martin Luther King, Jr.
On Martin Luther King Jr. Day, which marks the 30th anniversary as a National Day of Service, we take a moment to honor the Civil Rights leader’s mission to abolish inequality and secure human rights for all. His dedication to breaking down barriers and creating pathways to success resonates deeply with the values of entrepreneurship and franchise ownership.
At FranFund, we are inspired by Dr. King’s commitment to promoting economic opportunity and a more inclusive future. As we honor his enduring legacy, we are reminded of the transformative power of access to capital, resources, and support that people need to build businesses, create jobs, and contribute to the prosperity of their communities.
Although our funding consultants engage in digital interactions with clients, this does not lessen the profound impact they have in supporting entrepreneurs from diverse backgrounds. We are proud to assist people of all ethnicities, including minorities, as we continue to help various individuals secure the necessary funding needed to pursue franchise ownership.
Our team works closely with each client to provide the personalized guidance and support necessary to help navigate the often-complex world of franchise financing. We are committed to bridging divides, a principle advocated by Dr. King, and ensuring that individuals from all backgrounds can bring their life-long aspirations to fruition. Whether speaking with a first-time franchisee or a seasoned entrepreneur, we strive to help people create lasting success.
As we celebrate Martin Luther King Jr. Day and recognize the work that still lies ahead, Dr. King would be encouraged by the growing minority population in the U.S. and their rising economic power, particularly in franchising. The number of minority-owned businesses rose from 5.8 million in 2007 to 8 million in 2012. This includes a 34.5 percent rise in black-owned businesses. Black entrepreneurs are choosing to start up their own franchises versus independent ventures at a faster rate than the broader population.
Statistics also show 31% of franchises were owned by minorities, while non-franchised businesses have only 19% minority ownership.
According to the International Franchise Association (IFA) annual Economic Outlook Report, the industries with the highest proportion of Black owners are travel, party-related goods and services, maintenance services, baked goods, and photographic products and services.
The numbers indicate the time is right for Black Americans to pursue their dreams of business ownership and the franchise business model makes it even easier to achieve success. Through the work we do at FranFund, we are dedicated to helping make those dreams a reality.
Through a personal and painless process, FranFund crafts insightful funding strategies that help solidify the dreams of franchise or small business ownership for entrepreneurs while positioning them for long-term success. We offer ongoing support and make sure our clients know all of their options for funding single units through multi-unit expansions including SBA loans, conventional lending, and retirement plan funding with a risk-free SafetyNet® option. We understand the uncertainty that can come with a new venture, so we make it a priority to communicate during every step of the process so our clients can move forward with confidence.
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