When Amy Reid decided to get involved with franchising, she needed a little guidance through the process.
She was eager to open The Little Gym—a premiere learning environment for children ages 4 months to 12 years—but she was unsure if banks would be interested in or willing to provide her with a business loan. Instead of struggling with the process alone, she reached out to BoeFly
Backed by the proprietary software provided by BoeFly
, Reid was connected with Brett Hucka, and SBA lending officer at Stearns Bank. Together, they were able to secure an SBA 7(a) loan and she was offered a proposal from the bank within the week.
“Amy is smart, capable and hard working,” Hucka said, “and she was an incredibly well prepared small business loan applicant. It was an easy decision for us at Stearns Bank to decide to issue Amy a 7(a) loan for her startup Little Gym franchise.”
For Reid, her first experience in the world of franchising proved to be painless from the onset.
“BoeFly was truly a great experience. You hear so many horror stories about the process to secure an SBA loan and BoeFly made it easy,” Reid said. “I was clear from the start what information and documents I needed, so in the end, there was no scrambling.”
The Little Gym works with BoeFly to provide potential franchisees services they may otherwise not be aware of while attempting to secure a business opportunity. The technology provided by BoeFly matches prospective entrepreneurs with lenders based on lender loan package and credit preferences.
BoeFly’s process not only reduces frustration for franchisees, but also the amount of time and overall cost associated with small business lending.
“BoeFly is an incredibly valuable resource for our franchisees to secure the financing they need quickly and efficiently,” said Mark Pickerel, director of financial services of The Little Gym. “BoeFly is an incredibly valuable partner and their folks have always provided excellent service to our franchise owners both in evaluating their financing options and securing that financing. We are always confident referring BoeFly and knowing they will be in great hands.”
, CEO of BoeFly, said the company aims to make the lending process more streamlined.
“The process of going bank to bank to look for financing is antiquated and inefficient,” he said. “Furthermore, by limiting yourself to local lenders you may decrease your chances of getting financing or getting financing at the best rates and terms. It is always encouraging to see small business owners take advantage of more efficient solutions to seeking financing in today’s tight small business loan market.”