SYLVAN LEARNING EXTENDS 2009 CAPITAL RENOVATION PROGRAM FOR FRANCHISEES; EVALUATES OTHER FINANCIAL INCENTIVE PROGRAMS FOR 2010
North America’s Most Recognized Provider of Supplemental Education Offers Financial Incentives Designed to Help Franchisees Make Capital Improvements
BALTIMORE, MD (November 19, 2009) -- Sylvan Learning, Inc., North America’s most recognized provider of supplemental education, announced today it is extending its 2009 Capital Renovation Program, which was set to expire earlier this month. Sylvan Learning franchisees can take advantage of the program, which provides a dollar-for-dollar matching promissory note for capital improvements, through December 31, 2009. Sylvan Learning will match up to $7,500 per center via a promissory note to be paid off over 36 months at 4 percent interest.
“Due to the success of our Capital Renovation Program, Sylvan Learning has decided to extend the deadline so that even more of our franchisees can take advantage of this low interest rate loan to make needed renovations and improvements in their centers,” said Curt Hapward, Sylvan Learning’s vice president of franchising. “During a time when it is difficult for local business owners to obtain financing, Sylvan Learning wants to make it easier for franchisees to get the financing they need to be successful.”
Sylvan’s extended Capital Renovation Program has a cap of $30,000, which allows multi-unit Sylvan owners to receive matching funds for improvements at up-to-four of their centers - $7,500 at each. Renovations and improvements that qualify include new carpet/flooring, paint, signage, etc.
One of Sylvan Learning’s large multi-unit owners, Kathleen Casprowitz, is taking advantage of the program for three of her Arizona centers, located in Chandler, Awhatukee and East Mesa. She also plans to use the program for several of her Canadian centers, which she has owned since 1987 and are located in the Vancouver suburbs.
“Capital renovations are always expensive and, in this market, I would rather maintain my cash flows while still investing in my business. I was already in the process of re-carpeting and painting some of my centers, and I am thrilled this program came along just at the right time,” said Casprowitz. “I want my students to be in an environment that is clean, bright and fresh. I call it ‘pride of place,’ because it shows our families that we care about all aspects of our business. This program also allows me to purchase larger signage than I normally would. This is a great time to do this too, because prices are coming down,” she added.
Casprowitz purchased her Arizona centers earlier this year. Her expansion is part of Sylvan Learning’s significant franchise sales growth in 2009. Sylvan Learning is on pace to exceed its sales goals this year and will mark a two-year sales record with more than 140 new territories sold to franchisees throughout 2008 and year-to-date 2009.
“In 2008 and 2009, Sylvan had the best combined franchise sales growth in more than a decade, and 2009’s results are second only to 2008. This is quite an accomplishment given the challenging economy and circumstances many individuals and companies have faced,” said Hapward. “In addition, Sylvan’s international expansion in 2009 is the best global sales year this decade.”
This success is due in part to another financing program Sylvan Learning offered earlier this year that provided a financial incentive for franchisees opening additional centers within territories they already owned. The 2009 Territory Penetration Program offered a $30,000 promissory note to franchisees. The program recently ended, but Sylvan is planning to introduce a similar program as part of its 2010 expansion plans.
“Sylvan Learning is continually reviewing the marketplace and evaluating programs designed to enable financial success for our franchisees,” said Hapward. “We understand the challenges our franchisees face and are committed to providing them with the tools and resources needed to grow their centers and maximize their profitability.”
Sylvan has served more than two million students since 1979. In 2009, Sylvan Learning was ranked number 67 in Franchise Times magazine’s “Top 200 Systems” based on total number of units and has been ranked 24 times in Entrepreneur magazine’s “Franchise 500 Ranking,” the industry’s premier franchise ranking. Most recently, Sylvan was named one of the “25 Top Franchises for Hispanic American Ownership” by Poder Enterprise magazine, and was ranked in Bond’s “Top 100 Franchises.”
Source: Sylvan Learning, Inc.