Taste Holdings, Nedbank and Brimstone Investment have announced the renewal of their pioneering partnership, Sisonke, which offers funding to potential franchisees that have the ability but lack the start-up capital to open a franchise.
Due to its success, this funding model has been extended for a further two years, and whereas in the previous agreement funding was exclusively available to qualifying franchisees of The Fish & Chip Co., the offer now extends to qualifying franchisees of Zebro’s Chicken as well.
Entrepreneurs who are interested in acquiring a Fish & Chip Co Franchise or a Zebro’s fast food franchise and don’t have the required 50% cash contribution as a down-payment or security to support the remaining 50% that is financed, can now put up a 20% cash contribution and don’t have to provide any hard collateral for the 80% financing component.
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The partners of the tripartite agreement have a shared vision to see black economic empowerment succeed by creating opportunities for previously disadvantaged people to penetrate the market. To achieve this they work in synergy.
Investment company Brimstone, which has a 15,5% investment in Taste Holdings and 0,11% shareholding at Nedbank, provides a guarantee for part of the franchisee’s obligations.
While Nedbank offers the franchisee a preferential funding rate as well as a tailored banking solution, Taste Holdings eliminates the risk of failure for the franchisee by thoroughly vetting the store location as well as the potential operator.
For more information, visit the Taste Holdings website: www.tasteholdings.co.za.