Pokemoto Partners with Newtek Business Services Corp.
November 22 2022 - 09:01AM
GlobeNewswire Inc.
Pokemoto, Muscle Maker, Inc.’s (Nasdaq:
GRIL)
expanding Hawaiian poke bowl restaurant concept, today announced
its partnership with Newtek Business Services Corp. (Nasdaq: NEWT),
a qualified lending source to assist current and prospective
franchisees with securing funding to open Pokemoto eateries across
the United States. Pokemoto recently launched a customized Newtek
portal on the Pokemoto website offering an array of services in
addition to funding solutions. The Pokemoto branded Newtek site can
be found here: Pokémoto | Newtek Alliance Suite Builder
(newtekone.com).
Newtek has assisted more than 100,000 businesses
in the areas of funding, revenue generation, cost reduction, and
minimizing risk. They provide dedicated lending specialists to
assist from the initial consultation through the lending process
with a guaranteed 48-hour pre-qualification turnaround. Newtek’s
menu of solutions for Pokemoto franchisees include:
Business Lending – Commercial
term loans for small to medium-sized businesses
Revolving Lines of Credit –
Revolving lines to meet working capital needs
Managed Technology – A scalable
cloud platform with 24/7/365 support and 99.999% uptime
Insurance – Nationwide
commercial and personal lines of insurance
Payroll and Benefits –
Comprehensive payroll, record keeping and tax filing
“Ensuring that Pokemoto has lending solutions
for prospective and current franchisees is extremely important in
our model’s core. Franchisees should be properly funded so that
they can focus on opening and expanding their Pokemoto portfolios
and Newtek provides a wide range of potential business solutions
and services to help meet their needs said Michael Roper, Chief
Executive Officer of Pokemoto. He continued, “Investing in any
business is a big leap and we believe that partnering with Newtek
will help our franchisees feel supported not only financially but
in other areas of their businesses as well. We’re confident in our
partnership and believe we’re providing a well-rounded package of
resources which can be found on the Newtek portal on the
franchising page of the Pokemoto website. Newtek has dedicated
specialists ready to assist while providing round the clock
support. We’ve ramped up our franchise marketing efforts and
expanded our team in preparation to present more opportunities to
prospective franchisees across the country. We believe this new
lending partner will be beneficial to those looking for financing
options to begin and expand their Pokemoto portfolios.”
The Pokemoto franchise model requires up to
$25,000 per unit for the initial franchise fee, when the agreement
is signed while also providing up to 6% of net sales as an ongoing
monthly royalty rate once each location is opened. The Company does
allow, in certain instances, for discounted fees for multi-unit or
special agreements.
About PokemotoPokemoto, a
Hawaiian Poke bowl concept known for its modern culinary twist on a
traditional Hawaiian classic has open or coming soon locations in
Connecticut, Massachusetts, Florida, Maryland, Virginia, Rhode
Island, New York, New Jersey, Pennsylvania, Tennessee, Texas, South
Carolina, Mississippi and Kansas. Pokemoto offers contemporary
flavors with fresh delectable ingredients that appeals to foodies,
health enthusiasts, and sushi-lovers everywhere. Guests can choose
from a list of signature bowls or be bold and build their own
unique combination of a base, protein, various toppings and nine
different sauces. Vegetarian options are available, and the bowl
combinations are virtually limitless. The colorful dishes and
modern chic dining rooms provide an uplifting dining experience for
guests of all ages. Customers can dine in-store or order online via
third party delivery apps for contactless delivery.
About Newtek
Newtek Business Services Corp., Your Business
Solutions Company®, is an internally managed BDC, which along with
its controlled portfolio companies, provides a wide range of
business and financial solutions under the Newtek® brand to the
small- and medium-sized business (“SMB”) market. Since 1999,
Newtek has provided state-of-the-art, cost-efficient products and
services and efficient business strategies to SMB relationships
across all 50 states to help them grow their sales, control their
expenses and reduce their risk.
Forward-Looking Statements
This press release may include “forward-looking
statements” pursuant to the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. To the extent
that the information presented in this press release discusses
financial projections, information, or expectations about our
business plans, results of operations, products or markets, or
otherwise makes statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as “should”, “may,” “intends,”
“anticipates,” “believes,” “estimates,” “projects,” “forecasts,”
“expects,” “plans,” and “proposes.” Although we believe that the
expectations reflected in these forward-looking statements are
based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. You are urged to carefully
review and consider any cautionary statements and other
disclosures, including the statements made under the heading “Risk
Factors” and elsewhere in documents that we file from time to time
with the SEC. Forward-looking statements speak only as of the date
of the document in which they are contained, and Muscle Maker,
Inc., does not undertake any duty to update any forward-looking
statements except as may be required by law.
Contact:Muscle Maker Grill
Marketingmarketing@musclemakergrill.com
Investor Relations:IR@musclemakergrill.com
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