“What does a guy gotta do to get a bank loan in this town?”
It’s an age old question that feels like a vintage country western or a George Bailey plea from “It’s a Wonderful Life.” Over the last five years since the banking crisis, it’s no secret that credit is tight and finding a bank loan can feel quite daunting for a would-be entrepreneur. However, anyone really looking to open up a new business must first understand that financing is but one piece of the larger puzzle that is running a small business. A small business owner must focus on operations, marketing, sales, and cultivating a successful team. There are contracts to be drafted and business plans to be drawn up. All this is assuming you actually know the business you want to open and you trust that it will be viable in your market.
But let’s say you do. You have your idea, your target market, and even a location. You are now preparing a budget and in the beginning stages of your loan request. Here’s where the obstacles between you and your lender-to-be can feel like a short hike up Mount Kilimanjaro without a map or a even a jug of water. This is where BoeFly and other internet marketplace companies step in. I’ll be the first to admit that I am biased. What member of a small business wouldn’t think that their product or service is the best in the market? (Note: I neglected to mention cheerleader in the roles and responsibilities of a small business owner above).
The truth is the internet has changed the way many businesses and industries function by helping people find products, services, and even love, online. Companies like BoeFly are applying that philosophy to the lending industry and in the process helping to take the guesswork (and the paperwork!) out of getting a small business loan.
BoeFly (which stands for the Business Opportunity Exchange), is an online marketplace for small business loans, meaning that borrowers and subscribing lenders can log onto our site to safely and securely review financing requests and find a match. In order to run a successful marketplace we provide assistance in two key categories: education and access. Preparing a loan request is not intuitive. It requires a certain level of know-how expertise to understand your needs and what lenders are looking for. Are you familiar with Debt Service Coverage? What about collateral and equity? Quick quiz: What is the difference?
BoeFly works to get business borrowers “bank ready.” We have a dynamic SmartForm®[i] that adapts to each borrower depending on their loan purposes, business, and industry. Depending on your level of service, we have dedicated representatives that can pick up the phone and walk you through any part of your loan request from the filling out the application to uploading your supporting documents. Our goal for borrowers is to be the type of educational tool that helps take the guesswork out of your financing request so getting the right bank loan under the right terms is actually very possible. Running your business may still feel like climbing a mountain, but at least you now have the map to access the capital you need to make your business plans a reality.
The second component is access. To stay with our analogy, just like you can’t hike up a mountain without water, you can’t get a loan without banks! By partnering with over 2200 lenders, BoeFly has created a competitive marketplace for your financing request; you can rest assured that your financing request will be reviewed by qualified lenders. And let’s say you know you want to start a business but don’t know what it is yet. BoeFly partnerss with over 100 franchises, from restaurants to retail to manufacturing and real estate, all of whom are looking for qualified and motivated franchisees to expand their operations. So the next time you are thinking about starting or expanding an existing business, think BoeFly.
Want to know more about BoeFly? Check out our Fundability App and don’t forget to download our 5 Keys of Getting a Small Business Loan.
Daniel Chertok is an associate at Boefly LLC.
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