Odd Burger Offers Franchisees 90 Percent Financing From CSBFP And CIBC
Eligible applicants can open vegan fast-food franchise with substantially reduced capital in government-guaranteed loan
Odd Burger Corporation, one of the world’s first vegan fast-food chains and first to go public, announced that loans of up to 90 per cent of the cost of opening a new location are available for eligible franchisees through the Canada Small Business Financing Program (CSBFP), administered by CIBC.
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Loans through the government-guaranteed program of up to $350,000 may be used for new store financing, renovations, and more. Franchisees pay no interest for six months. Previously, financing options were limited to only 66 per cent of costs.
Franchises are key to Odd Burger’s plans to expand throughout North America, and this financing program dramatically reduces the franchise owners’ capital requirements. With this agreement, franchising can be a primary means to build the company and accelerate expansion.
“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,” said Odd Burger co-founder and CEO James McInnes. “We appreciate the CSBFP and CIBC for working with our franchise partners and making this opportunity available for potential franchisees.”
Along with the CSBFP loan program, Odd Burger franchisees receive support in securing locations, lease negotiations, comprehensive training, and ongoing guidance and coaching. Odd Burger offers access to cutting-edge technology from point-of-sale systems, back-of-house order management, self-checkout kiosks, and cooking technology that prepares most menu items at the press of a button to give customers quick and consistent food every time.
The vegan fast-food concept pioneer currently has six locations, plus four in development, and plans to have 20 restaurants operational by this time next year in the U.S. and Canada. Odd Burger produces its own proprietary plant-based product line at a company-owned food manufacturing facility, enabling it to control its own supply chain and keep menu prices low.
Odd Burger also announced it has retained RB Milestone Group LLC (RBMG) to provide investor relations services pursuant to an agreement entered into between the company and RBMG dated November 19, 2021, subject to the approval of the TSX Venture Exchange. RBMG’s specific duties under the agreement include corporate communications advisory, non-deal roadshow advisory, market intelligence advisory, and business referrals services.
The investor relations Agreement has an initial term of twelve months unless terminated by either party. Pursuant to the Investor Relations Agreement, Odd Burger will pay RBMG a monthly fee of USD$8,317.
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