Business Lenders Partners With International Franchise Cash Converters; Continues To Finance U.S. Franchising Boom.

HARTFORD, Conn.--(BUSINESS WIRE)--Oct. 26, 1999--

Business Lenders, one of the nation's ten largest non-bank SBA lenders, today announced a partnership with Cash Converters, a franchisor of more than 500 retail outlets in 21 countries to provide financing for new franchise operations in the U.S.

The announcement caps a year of unprecedented growth for the 'preferred' non-bank SBA lender, which increased its volume of approved loans 87 percent in Fiscal Year 1999 versus Fiscal Year 1998, according to the U.S. SBA's Fiscal Year 1999 lender volume report.

"Non-bank SBA lenders are helping to finance the country's franchising boom," says Penn Ritter, executive vice president, Business Lenders. "By partnering with non-bank lenders, franchisors can attract greater numbers of franchisees. We've become a national resource for financing local operations."

To date, 14 Cash Converters stores have opened in the U.S. Expansion plans call for 240 stores in the U.S. by 2004.

A franchise where pre-owned or used consumer durable goods are purchased from and re-sold to the public, Cash Converters gives sellers immediate cash payment for their sale and differs from Internet auctions like eBay and other perceived competitors.

"The stores are tailored to people who prefer the face-to-face transaction," says Roger Hunt, president and CEO of Cash Converters U.S. operations.

Business Lenders is a preferred lender for national franchises Meineke Discount Mufflers, Motel 6, Restaurant Systems, and boasts relationships with several regional players. Lenders with SBA "preferred" lender (PLP) status expedite the loan application process more quickly than other lenders.

Headquartered in Schaumburg, IL, Cash Converters was founded by Brian Cumins in Australia in 1984.

Penn Ritter, who hosted New England's first Business Opportunity Seminar in Boston on the growth and future of franchising, is an executive vice president with Business Lenders.

A member of the Medallion Financial Group, a New York-based specialty finance company listed on NASDAQ (symbol: TAXI), Business Lenders is one of the fastest growing non-bank lenders in the U.S. Approved-to-lend in 47 states and a preferred SBA lender in 18 markets nationwide, the company is headquartered in Hartford, Connecticut, with offices in Arizona, Connecticut, Illinois, Massachusetts, Maryland, New Jersey, New York, and Rhode Island. To request information or an application call toll free [phone] or visit www.businesslenders.com.