Dec. 13, 2012
Papa Murphy's has received a $7.5 million facility as part of a franchise lending program created by Franchise America Finance and The Bancorp Bank.
The capital provides start-up funding for franchisees entering the Papa Murphy's system, as well as expansion funding for existing franchisees.
"We are very pleased to begin our new business relationship with Franchise America Finance and The Bancorp Bank," said Kevin King, chief development officer for Papa Murphy's. "We consider the completion of this financing program to be a critical asset as we continue to grow our business nationally."
By the end of next year, King plans to further expand Papa Murphy's national footprint by more than 100 new stores in direct competition with Pizza Hut, Domino's, Little Caesars and Papa John's.
Today, Papa Murphy's operates more than 1,300 franchised and corporate-owned locations in 37 states and Canada.
"We are pleased to have Papa Murphy's join the growing brand portfolio at Franchise America Finance," said Ronald Feldman, CEO of Franchise America Finance. "Papa Murphy's has had a long history of stellar operations and consistent performance."
Created in 2010, the lending program is specifically geared toward start-ups and expansion of franchise businesses. It is limited to approximately 30 franchise systems with measured performance and experience.
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