ApplePie Capital has allocated $20m in debt capital to help fuel growth for American fast casual restaurant Tropical Smoothie Cafe’s new and existing franchisees.
This announcement is a part of the smoothie restaurant’s plans to expand its business across the country.
Tropical Smoothie Cafe chief development officer Charles Watson said: “Tropical Smoothie Cafe is committed to helping our franchisees grow and prosper, and we are excited to launch this programme with ApplePie.
“They are franchising professionals who understand the needs of our franchisees to help foster their growth. ApplePie recognises our business model and has developed a dedicated lending programme to address the financial needs of our franchisees, whether they are looking to open new locations, acquire capital for acquisitions or remodels, or looking for assistance with refinancing.
“Their decision to allocate $20m to Tropical Smoothie Cafe franchisees will help us achieve our accelerating expansion efforts in key target markets across the US and reach our goal of 1,000 locations by 2020.”
New and existing franchisees interested in expanding the chain in a new location can consult ApplePie to access the debt capital.
ApplePie CEO and co-founder Denise Thomas said: “ApplePie offers financing options that address the full spectrum of franchisee needs, and our proprietary growth products are specifically designed for franchisees with stellar franchise brands like Tropical Smoothie Cafe.
“The options we provide often do not require personal collateral, and we have introduced lower pricing to help accelerate their aggressive multi-unit growth plans.”
Tropical Smoothie Café currently operates over 640 locations nationwide offering snack and meal options. The company’s menu includes smoothies, wraps, sandwiches, salads and flatbreads.