No matter the connection between franchisor and potential franchisee, financing can be the missing link that interferes with what could have been a good match. The reality: without financing access, business relationships are not easily obtained, an ever-present truth—and Boefly’s latest tool is here to help.
Both franchisors and franchisees gain from better understanding creditworthiness because it alters how and with whom a brand can expand. Potential franchisees must understand their financial standing before lenders if they are to succeed at establishing the lending relationships they need.
bQual is now part of Boefly.com’s tool belt to help promote franchise development by creating greater transparency concerning creditworthiness. FICO and Equifax credit data are part of the deal for inquirers and a “fundability assessment” helps to clarify what aspiring franchise operators can expect in terms of funding availability based on their specific portfolio.
The tool basically helps would-be franchisees to understand what lenders are thinking and exposes them to the information that lenders are using to make credit decisions for incoming small business operators. As part of the deal, prequalification with Boefly lenders (over 3,600 across their network) can also be acquired for qualified individuals.
FranConnect is also partnering up with Boefly to offer this tool to franchisors to help them connect more easily with those franchisee’s whose background and financial portfolio are most compatible with the goals and expansion plans of the franchise system as a whole. Also, potential candidates can use the information available to tackle one major part of the start-up process: reducing anxieties by securing adequate financing. Processing potential inquiries faster makes this tool an asset for both franchisors and franchisees ready to move forward and work out financing solutions.
The application for potential franchise partners is available online for under $80 and credit data retrieved is based on a soft pull that doesn’t harm the credit scores of interested parties. To find out more about bQual, click here.