Launched in New York City in 2010, fintech company BoeFly was founded by a team with experience in banking, technology, and the secondary market. Their intention was to provide borrowers with direct access to lenders across the nation, making it easier to get a small business loan.
The result is BoeFly as it is today: a franchise-savvy online marketplace for business and commercial loans, designed to provide capital for a wide range of expenses from startup to renovation and expansion.
For banks and other participating lenders, BoeFly helps source bank-ready borrowers, including and especially prospective franchisees. And each small business owner gets access to the following benefits:
If you’re interested in a franchise purchase, you’ll definitely want to give BoeFly some serious consideration. While the company started as exclusively focused on making financing more efficient, it has also sped up the franchise sales process and has years of expertise in franchise sales and management.
BoeFly offers a better journey for would-be franchisee applicants by facilitating faster sales and openings. Its proprietary Franchise Sales and Finance System was designed to meet the needs of franchise brands and small businesses by vetting franchise candidates and matching candidates with lenders who can move fast on a loan.
Since BoeFly operates as a marketplace, facilitating connections between borrowers and thousands of lenders, the maximum loan amounts, rates, and terms are all highly variable because all of these things are set by individual lenders according to their own particular preferences.
BoeFly does not set any rates or terms, nor does it charge any ongoing fees. It simply creates the access point with lenders. This means it is theoretically possible to find just about any kind of small business loan with just about any rates or terms you can imagine.
With so many options and such a wide range of lenders, BoeFly also provides search filters, so borrowers can narrow down the list of lenders to those who match their specific needs. BoeFly includes lenders who operate in all states.
Because there are so many lenders, it is possible to find some who offer quick-close products that can process funds in as little as 48 hours. BoeFly provides access to conventional business loans as well as SBA (Small Business Administration) loans. SBA loans follow government guidelines and go through a financial institution, but they tend to have lower down payments, longer terms, and greater flexibility than conventional loans. Maximum loan amounts vary by lender, with some options going into the millions.
BoeFly won’t sell or disperse your data without your direct consent.
A business's loan posting, documentation, and personal information are all password-protected and can only be viewed by the borrower and support team. The borrower alone decides if and when to give lenders access to that information. In fact, lenders initially only see a basic financing request. They must then request loan details and supporting documentation from the borrower.
BoeFly is not a lender or loan broker, so it does not set or influence the rates and terms that lenders charge. The drawback to this is that borrowers really can't know what sort of rates and terms they might have access to until they get into the marketplace. Lenders are potentially all over the map, with some having rather rigid requirements and others offering greater flexibility.
Ideally, lenders compete for borrowers, which should provide competitive rates, but there is just no guarantee.
The length of time that the loan process takes will vary by lender, and some will process loans faster than others. There is also no way to know how long it will take for a lender to respond to a specific borrower application. Borrowers who need quick money may want to find a company with a more streamlined system.
P Grove Saint Paul, MN
2 years ago