|
 Securing
this additional credit specifically for Pay Day Loans gives
ColorTyme franchisees the capital to fund Pay Day Loan
programs, as well the additional tools needed to use it –
software, training, and security measures
Sam Lowe, ColorTyme Vice President of
Operations
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| ColorTyme President Bob Bloom (right), and
Director of Franchisee Development and Finance Pat
Sumner at the recent APRO convention in Las Vegas,
Nevada. |
ColorTyme,
Inc. announced today it has secured an additional line of
credit to support Pay Day Loans, one of ColorTyme’s newest
growth ventures for ColorTyme franchisees.
The company finalized a new $5 million dollar line of credit
for Pay Day Loans to add to the existing $15 million dollar line
of credit for traditional rent-to-own with Texas Capital Bank.
ColorTyme currently has an additional $50 million dollar line of
credit with Wells Fargo Foothill/Comerica Bank supporting the
traditional rent-to-own portion of the business, making a total
of $70 million in total credit line to support the company’s
steady growth.
Currently, 19 ColorTyme stores across the U.S. offer Pay Day
Loans. ColorTyme anticipates adding Pay Day Loans in 40
additional locations by the end of 2006. Sam Lowe, ColorTyme
Vice President of Operations developed the Pay Day Loan program
for ColorTyme and will be responsible for implementing program
in the new stores.
photo rtoonline
ColorTyme Vice President of Operations Sam Lowe
(below) developed the Pay Day Loan program for ColorTyme
and will be responsible for implementing program in the
new stores. |
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“In an industry that is becoming increasingly competitive,
it’s important that ColorTyme provides not only excellent
support for our franchisees through training, marketing and
other programs, but also provides them with diverse service to
offer their customers,” Lowe said. “Securing this additional
credit specifically for Pay Day Loans gives ColorTyme
franchisees the capital to fund Pay Day Loan programs, as well
the additional tools needed to use it – software, training, and
security measures.”
ColorTyme Director of Franchisee Development and Finance, Pat
Sumner attributes ColorTyme’s partnership with Texas Capital to
the strong relationship developed with Reed Allton at Texas
Capital. “Working with Reed has allowed us to really step up in
supporting ColorTyme franchisees since 2002,” Sumner said.
ColorTyme’s long relationship with Allton dates back to 1994,
when he worked for Comerica Bank.
“We’ve already established a remarkable history of success
with Pay Day Loans through ColorTyme franchisees, like EBRO
International in Florida,” Allton said. “We’re ecstatic to
continue supporting ColorTyme and this extension of their
traditional business. Our long standing relationship with them
is because we understand what ColorTyme needs to offer to their
customers.”
ColorTyme, Inc. is the oldest franchised rent-to-own or
rental purchase company in the United States with more than 275
stores. Now in its
25th year, the company has launched an aggressive franchise
development plan and is on track to grow significantly in the
next five years with many of its newest locations being
developed by rent-to-own professionals.
For more information:
www.colortyme.com
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