Categorized | Breaking News

BoeFly connects small business owners with banks for loans

More small business owners who are seeking financing are bypassing the traditional methods of applying for loans by signing up with BoeFly, the premier online marketplace connecting small business borrowers with nationwide lenders. BoeFly leverages technology to dramatically simplify the execution of commercial transactions, helping borrowers build a loan package and connect with lenders who are ready and willing to fund their loans.

“We developed BoeFly to address the vast inefficiencies we saw in the small business lending system,” said David Nayor, co-president of BoeFly. “For borrowers, having to go from bank to bank in search of a loan is frustrating, and lenders often spend a great deal of time reviewing applications that do not fit their parameters. By providing an online marketplace where borrowers and lenders can easily connect, we eliminate a great deal of those inefficiencies.”

BoeFly offers informative tools to help borrowers build bank-ready loan packages to position themselves as more effective loan candidates for banks. In July 2011, BoeFly introduced its free Fundability Wizard tool, which enables borrowers to fill out basic information about their loan request and instantly see the number of banks that would be willing to fund their loans. The Fundability Wizard also informs borrowers about the strong points and potential weak points of their loan request.

In October 2011, BoeFly exceeded $2 billion in loan transactions posted to its exchange. There have been thousands of commercial transactions posted to BoeFly’s loan exchange over the past year and a half, providing insight into the state of small business lending in the United States. California, Texas, Florida, New York and Georgia small business owners have posted the highest amount of loan requests to BoeFly, and transactions from Florida make up about 7% of the distribution. The average loan amount requested by Florida small business owners on BoeFly is about $1.6 million, and most of the loan requests come from businesses in the retail trade industry.

BoeFly recently connected Nicholas Borst, independent franchise owner of a Jet’s Pizza in Destin, Fla., with Atlantic Coast Bank in Jacksonville for a start-up loan. Borst had been seeking a loan to open his restaurant, and after some research, he found BoeFly.

“BoeFly helped me prepare a bank-ready financing request and got me in front of a group of serious banks,” said Borst. “Most importantly, BoeFly connected me with the bank that is making the loan so I can start my Jet’s Pizza. It made the tedious process of connecting with multiple lenders easy and efficient.”

BoeFly has developed partnerships with over 80 franchisors, including four headquartered in Florida. These franchisors are offering their franchisees financing support by having purchased subscriptions to BoeFly, allowing their franchisees to access the service at a discount.

Woody’s Bar-B-Q, a Bar B-Q restaurant franchisor headquartered in Jacksonville, is among the franchisors that have selected BoeFly to assist its franchisees in obtaining bank financing.

“We really wanted a way to proactively support franchisees with financing because obtaining loans in this tough economic climate can be a slow, arduous process. With BoeFly we can now offer access to a network of compatible lenders all over the country,” said Woody Mills, Co-Founder of Woodys Bar-B-Q, “and we expect this to fuel our franchise system’s growth.”

About BoeFly

BoeFly is the only online marketplace harnessing technology to dramatically simplify the execution of commercial transactions, including all loan origination and sales. BoeFly revolutionizes how deals get done by seamlessly connecting all parties, including lenders, borrowers, investors, buyers and sellers to a potential transaction and facilitating the efficient completion of these transactions. For lenders, BoeFly also provides the ability to sell loans to investors freeing up liquidity for even more business lending. BoeFly is a subscription service and does not charge any transaction fees.

Key to the success of BoeFly is the site’s dynamic compatibility technology, which matches parties based on a specific set of criteria. Also, to help BoeFly subscribers complete transactions, BoeFly offers access to service providers in a wide variety of professions from appraisers, to closing attorneys, to environmental consultants.

BoeFly was founded by small business owners and small business lending experts with extensive banking and secondary market experience. The company is privately-held and is based in New York City.

Leave a Reply