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Unsecured Funding Source with CEO Grant Ferguson

Let’s talk about the finances of a startup. It can be daunting and a stressful consideration for entrepreneurs. Initially, there is so much spending and the revenue just isn’t there for the first several months to offset it yet. If you’ve been a business owner before, you know that the first few months can be a whirlwind of planning and bringing in funds. And for most of us, we begin with a loan.

Grant Ferguson is the CEO of Unsecured Funding Source, and he’s here today to talk about this process and what makes his organization unique. Grant is a growth expert, change agent, and innovative leader. As the CEO of UFS, Grant works with business owners and entrepreneurs to navigate the increasingly complex world of lending and finds the best solutions to meet their capital needs.

 

Key Takeaways:

[2:23] – Grant shares his background in finance and as an entrepreneur.

[3:57] – He had the idea of acquiring a business rather than starting from scratch.

[5:13] – Unsecured Funding Source provides unsecured loans for businesses, start-up businesses, or personal funding needs.

[6:47] – Grant purchased Unsecured Funding Source and started to modernize the business model.

[8:18] – The startup and acquisition space has struggles because it’s uncertain.

[9:35] – Unsecured funding has a little higher interest rates and Grant explains why.

[12:27] – Grant shares the things they look at in an application and how they make the decision to work with a startup.

[14:44] – Unsecured Funding Source work with term loans.

[16:13] – Monthly payments go towards interest and the principal.

[17:45] – One of the biggest concerns for entrepreneurs is cash flow.

[18:48] – The number one thing that kills franchisees is running out of capital or access to capital.

[19:58] – Initially there is so much spending and the revenue isn’t there to offset it yet.

[21:51] – Loans through Unsecured Funding Source are tied to the business. Like a personal loan for commercial use.

[24:09] – Grant describes some of the ways they work with entrepreneurs.

[26:38] – Where is the biggest gap in financing?

[27:42] – Grant shares the goals Unsecured Funding Source for 2023.

[29:50] – Chances for success rely on a lot of pieces.

[30:58] – Is the price of money high? It is, but it’s going to get higher. You should be looking at the cost of doing nothing.

[32:29] – Get a plan in place before quitting the day job.

[33:55] – Banks are very keen to lend right now.

[35:41] – How long is the process to secure funding?

 

Mentioned in This Episode:

Unsecured Funding Source Website

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Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

Picture of Josh Brown

Josh Brown

Hi! I’m Josh Brown, franchise attorney and creator of the Franchise Euphoria podcast. I’m just your average guy who loves to golf, eat hibachi, and immerse myself in the ever-expanding franchise world.

My goal is to navigate entrepreneurs and all people interested in the current events of franchises through all the hottest topics and most popular tools for success. Going on four years now, Franchise Euphoria is hotter than ever and ready to help you plan and execute a pathway to success.

pardee2003 from United States
11/16/2019
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Great and applicable information from professionals in the franchise world that are doing it every day. I’ve listened to 3 episodes: Gutter Brothers, Woofies, and Cycle Bar. Enjoyed all and looking forward to hearing more.
WTutor311 from United States
8/30/2019
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Highly recommend. Great guests. Filled with tons of helpful information.
Katie Joy B. from United States
7/16/2019
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Josh and his wide variety of knowledgeable guests are truly rockstars! They deliver quality (and free!) franchise knowledge and advice in each and every episode. The great advice they provide, combined with the engaging way they deliver it had me hooked from the very first listen. Thanks for putting out such a stellar show Josh - keep up the great work!
Jordan gross from United States
07/15/2019
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This podcast provides the advice necessary to start building, growing, and scaling your business TODAY! The host asks probing questions of his guests that add value to the listeners in an immediately implementable way!
VPugliese from United States
07/15/2019
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What do you get when you combine business savvy, legal expertice and a great personality? You get the ultimate podcast for franchise owners. Josh Brown brings it all togehter perfectly with Franchise Euphoria. Not only does he possess all of the skills and abiliites above, but he has great guests, asks awesome questions and created the ideal podcast for this niche. If you have a franchise, or are considering it, subscibe to this show and consume all of the content!
Mick James from United States
06/05/2019
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Started listening to Josh's podcast after the wife and I decided to buy a franchise and I quickly went through about 200 episodes on 1.5x & 2x, before signing on to purchase a franchise. Josh's info was an invaluable part of our decision to buy, and after listening to so many episodes, I felt like I knew and trusted him on a personal level, so it was a no-brainer to enlist his services when it came time to review the franchise agreement. Josh was super easy to talk to and very empathetic to our needs, and being first time business owners, we needed all the empathy we could get. Josh helped us negotiate a great deal with the franchisor and we were very happy with his services. Great podcast, great guy, great service to anyone involved in the franchise world!
Dean575 from United States
06/04/2019
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Very interesting discussion. I found the information valuable.
Summieysum from United States
05/06/2019
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I've just completed the legal process of franchising my business and have now begun selling franchises. Just found this podcast and it's an incredible resource! Great content and Josh is a very engaging host. Highly recommend for franchisors and franchisees.
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