Great Clips Franchisee Secures SBA Loan to Open Salon

PRLog (Press Release) - Jan. 30, 2012 - New York, NY – BoeFly, the premier online marketplace connecting small business borrowers with lenders announced today that Mohammed Azam, a new Great Clips franchisee, secured an SBA guaranteed loan through a connection made by BoeFly. Great Clips is the world’s largest salon brand, with 3,000 salons throughout the United States and Canada.

“Thanks to BoeFly, I was able to obtain the loan I needed to open my first Great Clips location,” said new franchisee Mohammed Azam of Dallas, TX. “Now that the salon is open, I am glad to provide jobs for the staff and stylists, and to offer our clients great service.”

When Azam submitted his loan request to BoeFly, he posted 23 supporting documents, and the Great Clips brand presented six supporting documents. Eight lenders, including the Texas bank that funded his loan, requested to view his loan package.

Azam used BoeFly at the recommendation of Great Clips, which has selected BoeFly to assist its franchisees in obtaining bank financing.

“It is always exciting for us to hear about the opening of a new Great Clips salon, and for Mohammed Azam, this was made possible with the financing he received through BoeFly,” said Steve Overholser, CFO of Great Clips. “The Great Clips brand will continue its active commitment to supporting franchisees in all areas, including the key area of finance.”

“It is nice to work with a franchise system like Great Clips that supports franchisees throughout the entire process, including financing,” said Mike Rozman, Co-president of BoeFly.  “Great Clips pointed Azam to BoeFly, where he was guided through building a bank-ready financing request and was matched with eight interested lenders.  We look forward to our continuing to work with Great Clips in helping to support its franchisees.”

About BoeFly

BoeFly makes it easier to obtain small business loans (http://www.boefly.com/) by reducing the time, cost, complexity, inefficiency and frustration associated with small business lending.  Its online proprietary matching technology connects small business borrowers with multiple lenders from among its over 1500 participating banks, based on the lending profiles provided by the banks and the information provided in the borrower’s loan request.

Borrowers build a complete decision-ready loan request online using BoeFly’s exclusive “SmartForm” technology which, when completed, provides the information that  over 1500 lenders nationwide indicated to BoeFly they want to see before moving forward with a loan request. The SmartForm is easy to use and guides borrowers through the process. Once BoeFly’s matching technology identifies compatible lenders, borrowers then have complete control over which lenders can instantly access their loan request.  Using BoeFly, borrowers can connect with multiple lenders quickly and easily, providing a greater probability of obtaining a loan, as well as more favorable loan terms resulting from the creation of a competitive marketplace.   Lenders benefit by being presented with only those loan requests that fit their lending profile, dramatically lowering their cost and time of origination.   BoeFly is not a broker.  Borrowers pay a small one-time fee and lenders pay an ongoing subscription fee; BoeFly never charges transaction or referral fees.

BoeFly’s Franchise Solution brings these benefits to the large and growing small business franchisee community and is the choice of over 90 brands including Dunkin’ Donuts, Carl’s Jr., Express Personnel and Kiddie Academy, among many others.

BoeFly’s Affiliate Solution is the financing exchange chosen by the Association of Small Business Development Centers, representing approximately 1,000 centers nationwide, which are funded in part by the U.S. Small Business Administration, to serve small businesses, and Franchise Gator, the leading site for information on franchise opportunities.

BoeFly was founded by small business owners and small business lending experts with extensive small business lending experience. The company is privately-held and is based in New York City. http://www.boefly.com.

Media inquiries:

Bill Fallon/ Keating Co. /212.925.6900/ bfallon@keatingco.com

# # #

BoeFly connects small business borrowers, franchisors, and lenders online to facilitate the process of small business lending. For more information please visit http://www.boefly.com