This month, our #BehindYourBusiness feature is all about a Louisiana tradition: po-boy sandwiches. Authentic po-boys are the specialty of Leaseq borrower Nola Poboys, a New Orleans-based fast casual dining restaurant with a unique concept and big plans to expand across the country.
Having experienced rapid success with Nola Poboys’ first location, Executive Vice President Christopher Talley began planning to open franchises in new markets. He saw an opportunity to bring the unique sandwich concept to new audiences around the country, but needed financing to make expansion a reality.
“With such a unique concept, we heard we could be the next Subway,” Talley said. “We just needed the capital to grow.”
In early 2016, Talley set out to secure an Equipment financing solution for the franchise, but faced rejection from several banks. Many franchisees experienced the same phenomenon at the local banks they had come to rely on for home, car and other loans. Eventually, equipment supplier Atlanta Fixture put NOLA Poboys in touch with three-party equipment financing marketplace, LeaseQ.
“LeaseQ’s network of franchise-specific, equipment lenders and dealers means we can fund every store opening this year, and moving forward,” Talley said. “Our franchisees were concerned at first that banks turned them down, but when we introduced them to Pat, our LeaseQ funding rep, Pat put them at ease.”
The partnership between LeaseQ and NOLA Poboys kicked off in April 2016. Together, the companies streamlined the equipment financing process for NOLA Poboys’ franchisees, allowing them to quickly open shop with the reassurance that their equipment needs – signage, kitchen equipment and Point of Sale (POS) equipment – were taken care of.
NOLA Poboys now has 6 franchisees representing 20 store locations. By the end of 2016, Talley plans to open an additional 10 NOLA Poboys’ locations, with more on the way.
“As a startup franchisor, I can go to a new franchisee and say, ‘If you meet these requirements, I can get you funding.’ And I can say that with confidence because I know LeaseQ can deliver,” Talley said.
To learn more about NOLA Poboys and check out their authentic New Orleans sandwiches, please visit: http://www.nolapoboys.com/
To learn more about LeaseQ and its franchise financing platform, please visit: https://www.leaseq.com/franchise
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