Five Creative Ways to Fund Your Business

By Ben Heinemann Even if you have the will and the entrepreneurial spirit to jump in and start your own business, there’s always the question of money. Going through the loan process can be a journey on its own, so we spoke with David Nayor, Co-Founder, Co-President and COO of BoeFly, to get his thoughts on what you can do to launch your dream. Seek out multiple lenders via technology Whether you happen to get funding from the first bank you walk into or get turned down for a loan at your first meeting, don’t quit just yet. “Pre-crisis, we saw lots of borrowers getting loans, but they weren’t necessarily the right loans,” says Nayor. “Use technology to seek out multiple lenders and this will give you a better chance of being funded and being part of a competitive bid process.” Brush up on the lingo Although being a finance major would certainly give you a leg-up on the loan process, many people aren’t familiar with the terms bankers will throw at them during the loan process. “Before a potential franchisee talks to a bank, they should learn and be familiar with the lender lingo,” says Nayor. “Whether using a platform like BoeFly or doing research on your own, being prepared to talk to the banker goes a long way, and the borrower will then be educated on what goes on in financing. If you are educated before you start talking to lenders and prepared to answer the questions, you can close the loan much faster.” Use Social Media Although many people think social media is used only for entertainment purposes and making connections with friends and family, you can also use this technology to help get your business up and running by building a following of your business right off the bat. “While social media tends to be a moving target, if you start using these tools right at the opening up of your business, this would give that borrower an edge and will allow them to hit the ground running,” says Nayor. Use a variety of products Nayor points out that it may take a variety of products to secure funding for your new business. “From SBA loans and conventional loans to lines of credit, borrowers should get creative and look at different products while paying attention to the structure of each type of funding to get the deal done.” Use good old fashioned word of mouth to bolster your business reputation “We feel that word of mouth is our most qualified customer,” says Nayor. “Franchisees talk to franchisees, businesses talk to businesses and banks talk to potential clients who may already have checking and depositing relationships. We have found that a majority of our own business is driven by word of mouth.” 

David Nayor manages all production of BoeFly’s marketplace, tools, and network from conception to implementation. Prior to Boefly, David held positions at institutions including United Western Bank, Business Loan Express and BLX, where funded over $100 million in small business and commercial real estate loans. For more information on how BoeFly can help you find funding for your business, visit www.boefly.com.