Shoney's is planning to expand its presence over the next five years with three new locations in the greater Huntsville area.

Shoney's new design prototype. (Courtesy)

The buffet restaurant hopes to open new eateries in Huntsville, Madison and Decatur, a region the company said is "an ideal spot for growth."

"Shoney's is expanding rapidly throughout North America, and Madison County is a prime example of that growth," said Shoney's CEO and Chairman David Davoudpour. "The opening of three restaurants in the area will not only provide more options for quality food, but will boost the local economy in the process by creating over 300 jobs."

The company is seeking franchisees to help develop new Shoney's stores in the area. Single and multi-unit franchise opportunities are available.

Entrepreneurs must have a provable net worth of at least $1.5 million, and liquid assets of at least $500,000 to qualify for a Shoney's franchise. Franchisees must have a provable net worth of at least $1 million and liquid assets of at least $250,000 to financially qualify for Shoney's On The Go franchise ownership.

Financing is not available, but Shoney's has been approved by the U.S. Small Business Administration on the Franchise Registry, which allows for streamlined SBA loan processing. Shoney's also has a list of preferred financial vendors that offer loan programs to franchisees.

Shoney's recently revealed a new design prototype, which includes reclaimed wood and stone siding, a large outdoor patio, and sliding and garage-style glass walls. Each new Shoney's restaurant will be built or converted to this design.

The Nashville company, which has 151 eateries in 16 southern states, is actively involved in a nationwide franchise expansion effort. Shoney's currently operates local stores in Athens, Florence and Muscle Shoals.