First Franchise Capital will be financing new restaurant development in the Papa John's franchise system under a new program announced today.
"Papa John's is an outstanding brand with a long track record of successful franchisees," said John Rinaldi, First Franchise Capital president in a news release. "We are committed to providing Better Financing as a compliment to the brand's promise of â€˜Better Ingredients, Better Pizza.'"
Under the program, franchisees with a signed development agreement will be able to apply for up to $200,000 in financing for each new restaurant opened during the remainder of 2010. The program will streamline the lending process as well as ensure greater access to financing to franchisees in a turbulent economic climate.
First Franchise Capital, formerly known as Irwin Franchise Capital, specializes in funding loans to the franchised restaurant industry. Nationwide, franchisees borrow from $100,000 to $10 million for equipment and real estate used to build new locations, acquire stores, remodel stores as well as refinance or restructure ownership. First Franchise Capital is known for its outstanding relationships with clients in the nation's top franchised restaurant concepts. The company is a subsidiary of First Financial Bancorp of Cincinnati, a NASDAQ traded company (FFBC).