TORONTO — Odd Burger Corporation has announced that loans of up to 90 per cent of the cost of opening a new location are available for franchisees through the Canada Small Business Financing Program managed by CIBC.
Loans of up to $350,000 can be used for new-store financing, renovations and more. Franchisees will not pay interest for six months. Previously, financing options were limited to only 66 per cent of costs.
“Offering 90 per cent financing will fuel our franchise-growth strategy because it invites people to open an Odd Burger franchise with little out-of-pocket costs,” says James McInnes, co-founder and CEO of Odd Burger. “We appreciate the CSBFP and CIBC for working with our franchise partners and making this opportunity available for potential franchisees.”
In addition to the CSBFP loan program, Odd Burger franchisees will receive support in securing locations, lease negotiations, comprehensive training and ongoing guidance and coaching.
Currently, Odd Burger has six locations, with an additional four in development. The vegan fast-food chain plans to have 20 restaurants operational in the U.S. and Canada by the end of 2022.