How to Become a Franchise Loan Officer
Franchise loan officers provide loans to existing owners of franchises. They typically work for banks and other financial institutions like credit unions. These loan officers are expected to be experienced in finance and the matters of small business. Those looking for work as a franchise loan officer would be advised to gain an education in finance and business administration.
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Instructions
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Get a bachelor's degree in finance, economics or other related field. Look for work as a loan officer at a bank or credit union. These companies typically post their jobs publicly. If you are still enrolled at a university, see if you can use their career assistance services to assist in getting a job as a loan officer.
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Specialize in business loans. Learn more about Small Business Administration sponsored loans to get the most out of their business. Studying accounting may help you read balance sheets better and evaluate loan applications with a higher success rate.
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Learn more about franchise loan job opportunities outside of the major commercial banks. Although, according to the Bureau of Labor Statistics, more than 90 percent of loan officer jobs are held within major commercial banks, there are still some independent franchise loan providers that specialize in loans to businesses of this type.
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Learn more about what tends to make franchise owners successful, and what tends to result in failure. Even though small business loans backed up by the Small Business Administration can be compensated up to a fairly high amount, no loan officer can expect to be successful unless most of their loans end up performing.
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Research the many different franchise types to gain a better understanding of the businesses involved. Read trade publications like the Franchise Times and other magazines that focus on the industries that make up many franchises, like restaurant services or book selling.
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Resources
- Photo Credit NeilsPhotorgraphy, Flickr
