Two FFC 504s Help a Preschool Franchisee Expand

Bill Greer and Angela Harris opened their first Primrose School in Jacksonville in 2001. This pre-school was so successful that they decided to open two more facilities and looked to the 504 loan program to help them achieve their goals.

“We were attracted to the 504 loan because it allowed us to split our maximum loan amount into two pieces and the 90% financing made it possible to conserve our cash to get both new schools started,” Mr. Greer reported. “Thanks to the 504, we were able to ?out the lease on our Fleming Island location in 2004 and to buy our third school (in St. Johns County) last year.”

Their companies, 3 Bears 1, 2 and 3, operate under Primrose Schools franchises and provide daycare and early childhood education to infants, toddlers, pre-school and kindergarten. Primrose is a national franchiser with 142 locations in 14 states and 10 schools in Florida.

Both Mr. and Mrs. Green are very pleased about their relationship with FFC. “Our experience with Florida First Capital Finance has been nothing but positive.  They provided us with an excellent product and service, and their staff has been a pleasure to work with.  Their assistance made it much easier for us to achieve our goals in a much shorter period of time.”  

Kristen Tackett, FFC Vice President and Loan Officer, reports that the two projects combined represent over $4,000,000 in total project costs and a little over $3,600,000 in total financing. “Had the Greers been limited to conventional financing, they would never have been able to open their third location – the down payment required on the second would have used up all their cash. The 504 allows 90% financing of both hard and soft costs plus offering a 20 year, below market, fixed interest rates. These features enable small businesses like 3 Bears to expand while conserving needed working capital,” said Tackett.

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