Jimmy John's franchisee secures $4.1M credit facility
A Kansas-based Jimmy John’s franchisee has secured a $4.1 million credit facility through GE Capita
A Kansas-based Jimmy John’s franchisee has secured a $4.1 million credit facility through GE Capital to refinance debt and fund growth, the lender said Thursday.
Financing for Lenexa, Kan.-based Hinz JJ, LLC, which operates 14 Jimmy John’s units in the Kansas City, Kan., area, includes $2.6 million to refinance debt and $1.5 million in a development line of credit, according to GE Capital, Franchise Finance of Scottsdale, Ariz.
The funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.
Sandra Hinz, chief executive of Hinz JJ, said in a statement, “We chose GE Capital due to their ability to support our long-term growth with flexible capital.”
Jimmy John’s Gourmet Sandwich Shop had an increase of 13.7 percent in the number of units last year, according to Technomic Inc.’s ranking of limited service chains released earlier this week. It ended 2011 with 1,329 units, up 194 from the 1,135 at the end of 2010. That ranked it No. 5 among Technomic’s “Fastest Growing Limited-Service Chains.”
As of April 1, Jimmy John’s Gourmet Sandwich Shops had 1,371 units in 34 states and two countries.
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