State lender, the Industrial Development Corporation (IDC), has pumped R25.5-million into a wholesale loan facility to potential franchisees of Famous Brands for the establishment of Wimpy, Steers, Debonairs and FishAways franchised stores under their Pro SME job scheme.
Loans ranging from 500 000 rand up to a maximum of R1.5-million will be granted to approved candidates. Loan funding is for furniture, fittings, equipment and working capital, the two parties said in a joint statement
“Prospective candidates will be pre-screened by Famous Brands via the company’s standard franchisee selection process, whereafter final selection will be made by the IDC. Consequently, Famous Brands is not liable to stand surety for the loans approved to franchisees by the IDC,” the statement said.
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