Financing is such a major issue for prospective franchsiees and entrepreneurs that we often go out of our way on this blog to promote innovative new funding programs. Of all the exciting funding programs to come online in the internet age, none may be as interesting as Boefly.
Boefly aims to revolutionize the financing marketplace and we can see it's having a great impact already. As their website quite directly explains: "BoeFly revolutionizes how deals get done by seamlessly connecting all parties, including lenders, borrowers, franchisors, investors, buyers and sellers to a potential transaction and facilitating the efficient completion of these transactions. At the heart of BoeFly is a loan exchange that efficiently connects small business owners with more than 2,000 business lenders."
Think of it as a dating site for prospective franchisees and financing institutions. Boefly is perfect for the franchising community as it provides direct access to a range of lenders. For a subscription fee, aspiring entrepreneurs can make their pitch, creating a loan request form with the help of Boefly's expert team. That form can then be assessed by lenders and institutions can decide if they'd like to fund the project.
This system allows entrepreneurs to cast their net out to a much wider body of lenders. Such is their success in helping franchising that they've partnered with the IFA to create a strategic alliance that will see both organizations worki to "jointly develop and conduct educational programs focused on credit access for franchise businesses". For franchisees who are not having any luck with conventional routes of achieving lending, websites like Boefly may provide to be the future.