“Banks are knocking on Andrew Slattery’s door. The owner of 26 Valvoline Instant Oil Change franchises in North and South Carolina had previously gotten loans to buy locations but also had about 20 rejections. It’s easier now. Once stringent requirements have eased with banks offering 10-year loans, double the five-year terms they pushed in recent years.
“The turnaround time is faster. It used to take seven or eight months, where now it’s two or three months,” says Slattery, who just closed on a $10 million loan to refinance some of his locations.