Getting your player ready...
OAK BROOK, Ill. — McDonald’s told some U.S. franchisees to seek other ways to finance store improvements after Bank of America declined to increase lending.
Store owners have exhausted financing used to pay for upgrades and equipment to make lattes and espressos, and Bank of America won’t provide more money as it works on the planned purchase of Merrill Lynch, McDonald’s said in a memo obtained by Bloomberg News.
Bank of America’s reluctance to increase the loan may show that even well-known brands such as McDonald’s face difficulties financing expansion.
