Vegan fast-food chain Odd Burger is offering loans up to 90 per cent of the cost of opening a location for new franchisees through the Canada Small Business Financing Program (CSBFP), administered by CIBC.
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.
“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, training, and ongoing guidance and coaching. Odd Burger offers access to 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.
The vegan fast-food company 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 in London, Ont.