PRZOOM - /newswire/ -
Scottsdale, AZ, United States, 2010/03/23 - Funding allows for remodeling, purchasing of underlying land, and refinancing (NYSE: GE). NYSE: GE
GE Capital, Franchise Finance recently provided a $3.5 million credit facility to New-Wen, Inc., owners and operators of six Wendy’s units in Ohio. New-Wen used the proceeds to refinance its existing debt structure in order to help in remodeling some restaurants and to purchase the underlying land at one of their existing Wendy's locations.
“This facility with New-Wen is part of our long tradition of supporting small and mid-sized restaurant franchise businesses,” says Allan Hauptli, vice president at GE Capital, Franchise Finance. “We’ve been New-Wen’s exclusive lender for nearly a decade and are pleased to continue this long relationship.”
New-Wen, based in Newark, Ohio, owns and operates six Wendy’s units throughout the Ohio area.
“Real estate evaluations can be a lot to deal with at a local bank level,” says Mike Simmerman, president of New-Wen, Inc. “We chose to continue with GE Capital because their financing expertise enabled us to successfully and efficiently consolidate our multiple debt structures, freeing up capital to make some important investments for our future.”
Wendy’s is an international quick service restaurant and the world's third largest hamburger fast food chain. Wendy’s has more than 75 percent of the units owned and operated by independent franchisees.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With over 30 years of experience and $14 billion in served assets, we serve over 3,500 customers and over 20,000 property locations. We provide financing for all your business needs. More information is available at gefranchisefinance.com or by calling 866-GET-GEFF (438-4333).
GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (ge.com) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.
Molli Megasko, Arment Dietrich, Inc.
P: (312) 787-7249