SBA Guarantees Loans and Franchisors and Banks Always Win

The SBA guarantees Loans and the Franchisors and the Banks always win. It is only the franchisee who negotiates the loan who takes the risk and loses everything in failure.
Because this is true, the failure rate of first-generation franchisees in a franchise network, that reflects the failure rate of the proven business plan, is a material fact that should be disclosed to permit the buyer of the franchisor to assess the true and real risk of the investment.

Your dishonesty is not appreciated. Red Herring Smells and Truth is hard to overcome by deceit and guile.

Item 20 is obviously a sham that enables scams.