Franchise news


ColorTyme partners with Citibank

ColorTyme, Inc., one of America’s oldest franchisors of independently owned-and-operated rent-to-own stores, announced last month that it has entered into a franchise financing agreement with Citibank’s Business & Commercial Banking Group, a leading provider of commercial loans to small and medium-sized businesses, which will provide up to $25 million in loans to existing and future ColorTyme franchisees.

“Our partnership with Citibank has enabled us to put a program together whereby our franchisees can open new stores now and in the future,” said ColorTyme CEO and President Bob Bloom. “Particularly in today’s difficult environment, we’re fortunate to work with a bank that has remained committed to lending and helping small businesses grow,” he continued.

According to the information provided, Citibank’s finance commitment will allow qualified franchise candidates to obtain the financing they need to open their first store, help existing franchisees expand their business with new locations, and provide inventory financing for existing ColorTyme and RimTyme rent-to-own stores.

ColorTyme, Inc., founded in 1979, is, it says, America’s oldest franchisor of independently owned-and-operated rent-to-own stores. ColorTyme franchisees operate 190 rent-to-own stores in 34 states, and the company’s custom-wheels-and-tires franchise brand, RimTyme, operates 14 stores in seven states. (kbp)

ColorTyme rent-to-own (USA)

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