Richardson, TX (RestaurantNews.com) Wingstop, the rapidly expanding wing chain with almost 500 locations in the U.S. and Mexico, today announced a new program designed to provide financing for franchisees. The financing will be provided through Franchise America Finance (FAF), and The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK).
Under the terms of the partnership Wingstop has $15 million available to assist with financing franchisees in the development of new restaurants.
“This collaboration allows us to provide national funding for our current brand partners and new franchise candidates,” said Dave Vernon, vice president of franchise sales for Wingstop. “Wingstop is adding new stores on a regular basis and will open our 500th location this month. This funding will give us even more momentum as we grow the brand in new markets and expand within our core markets.”
FAF is a full service small-to middle market commercial franchise finance firm that was founded in 2010 with a focus on franchising and SBA lending.
“We are excited Wingstop has joined our franchise lending program,” said Ronald Feldman, CEO of Franchise America Finance. “Since we started this program last year, we have allocated more than $300 million for franchisee financing for our member franchise systems.”
Franchise America Finance, LLC (FAF) was formed by a group of franchising professionals to address the void in the capital markets for franchising. FAF can provide senior and subordinated debt, mezzanine financing and equity for franchisors and franchisees. Franchisors interested should contact: Ronald Feldman or Nate Greenberg at 610-668-9780.
The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity programs nationwide. These programs enable members, employees and customers of Bancorp and its affinity clients to access customized online-banking services. To learn more, please visit www.thebancorp.com.
With a sole focus on cooked-to-order chicken, the Wingstop menu features traditional and boneless wings, strips and the chain’s newest offering – Glider sandwiches – all sauced and tossed in 10 original flavors.
For development opportunities, or franchising information, visit www.wingstopfranchise.com.
Founded in 1994 and headquartered in Richardson, Texas, Wingstop has more than 490 restaurants open across the United States and Mexico. The Wingstop menu features 10 wing flavors including Original Hot, Cajun, Atomic, Mild, Teriyaki, Lemon Pepper, Hawaiian, Garlic Parmesan, Hickory Smoked BBQ and the newest addition, Louisiana Rub. Wings are made fresh, cooked-to-order and customers can also choose from homemade side dishes including Wingstop’s award winning fresh-cut seasoned fries, cut daily in every restaurant from Idaho potatoes. Wingstop has experienced eight consecutive years of positive sales increases, was named one of 10 Best Franchise Deals by QSR magazine and has been voted ‘best wings’ in markets across the country. Troy Aikman, three-time Super Bowl champion and Hall of Fame quarterback, has served as the chain’s national spokesman since 2003 and recently joined the Wingstop Board of Directors. Wingstop was acquired in 2010 by Roark Capital Group, an Atlanta-based private equity firm that specializes in business and consumer service companies with attractive growth prospects and revenues ranging from $20 million to $1.0 billion. For more information visit wingstop.com, wingstopfranchise.com or facebook.com/Wingstop.