First Internet Bank and ApplePie Enter Loan Purchase Agreement for Franchise Financing
OCT 14, 2021 - 6:06 am
First Internet Bank and ApplePie Capital entered a loan purchase agreement to provide financing solutions for franchisees. Under the agreement, First Internet Bank expects to purchase $100 million of ApplePie’s growth-oriented “ApplePie Core” conventional loans by the end of the year.
First Internet Bank opened for business in 1999 as a provider of branchless banking services and today offers a suite of financial solutions for consumers and small business owners. Meanwhile, ApplePie is an online provider of financing for the franchise industry.
“As a lifelong entrepreneur, I know the value of working with a bank that understands the challenges and rewards business owners face,” David Becker, chairman and CEO of First Internet Bank, said. “First Internet Bank is committed to providing small business owners access to holistic financial services and thoughtfully designed digital experiences. We are excited to join forces with ApplePie to help provide franchisees with the unique financing solutions they need to succeed.”
Through its partnerships with franchise brands, ApplePie sources and originates franchisee lending opportunities in all 50 states for new franchise locations, acquisitions, remodels, refinances and equipment, or to recapitalize existing businesses to accelerate growth. In addition to lending, ApplePie also helps its brand partners solve a variety of capital markets challenges to foster growth.
“ApplePie started with a really simple idea: making it easier for the best franchise brands and their franchisees to access the capital they need to grow,” Denise Thomas, CEO and co-founder of ApplePie Capital, said. “And since 2015, we’ve done just that, with over $1.25 billion dollars funded across [more than 200] franchise brands. This agreement helps ApplePie continue our mission while also providing First Internet Bank with quality credits in proven businesses.”
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