ANN ARBOR, Mich., March 20 /PRNewswire/ -- Domino's Pizza (NYSE:DPZ) is delivering a lot more than pizza for aspiring minority franchise candidates. Through Domino's new "Delivering the Dream" program, the recognized world leader in pizza delivery is lending financial assistance in the form of loan guarantees and incentives to help existing minority team members open their own stores.
The Delivering the Dream program is an internal program designed to help turn current minority Domino's team members into independent business owners by offering financial support to build new stores. In partnership with GE Capital Franchise Finance Corporation, Domino's first introduced the program in January 2006. Since the program began, three participants have successfully opened their own Domino's stores in Baker City, Ore.; Horizon City, Texas; and Philadelphia, Pa. As the Delivering the Dream program continues to roll-out, Domino's is looking to add five new participants in 2007.
"Some of the most successful Domino's stores are those that are owned and operated by franchisees living in the communities we serve," said Mike Mettler, director of Domino's Franchise Recruitment and Sales. "The foundation of this great company is built on helping pizza makers and delivery experts become independent business owners. Now, through the Delivering the Dream program, we're helping to eliminate the financial roadblocks that may exist for motivated future minority franchisees."
Delivering the Dream Program by the Numbers
Through the Delivering the Dream program, each candidate is granted a scholarship based, in part, on individual need. GE is Domino's lending partner for the Delivering the Dream program. Financial support from the program can include:
-- Monetary awards/financial incentives -- Domino's Pizza guarantee of GE financing loans -- Loans up to $250,000 per store
With the approval of Domino's Pizza, GE offers a new financing program to fit the needs of approved Domino's minority franchising scholarship recipients. The program includes:
-- New locations, acquisitions and equipment -- Competitive fixed and floating rates -- Up to 10 years amortizing for existing locations -- Up to seven years amortizing for new locations
Delivering the Dream candidates must meet Domino's eligibility criteria, which includes:
-- Meeting the EEOC definition of a minority (African American, Hispanic, Asian/Pacific Islander, Native American/Alaskan). -- Currently be a general manager of a Domino's Pizza store or have general manager experience, or equivalent levels of experience within the company. -- Maintain high scores on most recent internal store evaluations. -- Have reasonable credit worthiness.
"The Delivering the Dream program allowed me to build the store a lot easier than I could have otherwise," said Jessy Watson, the owner of the Baker City, Ore., Domino's store. Watson, an African-American, previously owned one Domino's store and opened his second store with the help of the Delivering the Dream program. "There are opportunities out there for African-American males, but there aren't as many entrepreneurial opportunities out there. Domino's is unique."
About Domino's Pizza(R)
Founded in 1960, Domino's Pizza is the recognized world leader in pizza delivery. Domino's is listed on the NYSE under the symbol "DPZ." Through its primarily franchised system, Domino's operates a network of 8,366 franchised and Company-owned stores in the United States and more than 50 countries. The Domino's Pizza(R) brand, named a Megabrand by Advertising Age magazine, had approximately $5.1 billion in global retail sales in 2006, comprised of $3.2 billion domestically and nearly $1.9 billion internationally. During the fourth quarter of 2006, the Domino's Pizza(R) brand had global retail sales of nearly $1.6 billion, comprised of nearly $1.0 billion domestically and approximately $600 million internationally. Domino's Pizza was named "Chain of the Year" by Pizza Today magazine, the leading publication of the pizza industry and is the "Official Pizza of NASCAR(R)." More information on the Company, in English and Spanish, can be found on the web at http://www.dominos.com.
Source: Domino's Pizza