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WingZone Selects BoeFly To Assist Its Franchisees In Obtaining Bank Financing

Award-winning hot wing franchisor to offer BoeFly’s Concierge Team Services to its franchisees nationwide.

 
PRLog - March 1, 2012 - NEW YORK -- New York, NY – BoeFly, the premier online marketplace connecting small business borrowers with lenders and a strategic ally of the International Franchise Association to expand credit access within the franchise community, announced today that WingZone, an award-winning and fast-growing hot wing chain, has selected BoeFly to assist its franchisees in obtaining bank financing.

Nearly half (49.2%) of the respondents in a recent survey by the International Franchise Association (IFA) of its members identified “financing/access to credit” as the top issue of concern to franchise business leaders. In response to this concern, and bolstered by its success in helping many individual franchisees obtain financing, BoeFly created a portfolio of services for the franchisor market. Through BoeFly, they can offer their franchisees access to a network of lenders through the posting of a single loan request on BoeFly’s Internet-based loan exchange, assistance in creating an effective loan request, and support managing lender inquiries. BoeFly uses proprietary matching technology to connect franchisees with lenders that their loan package meets specific lending criteria, increasing franchise revenue by helping franchisees connect with the capital they need to open their businesses.

WingZone, the 2004 and 2006 winner of the “National Festival Favorite” award at the National Buffalo Wing Festival, is an Atlanta-based hot wing chain. Conceived in 1991 by then college students Matt Friedman and Adam Scott, WingZone began as a late-night munchies operation out of the founders’ fraternity house. Due to the astounding success of their unofficial delivery business, they opened their first two WingZone restaurants in Florida in 1993. Since then, the business has grown to include 100 franchises across the US and plans for foreign expansion.

“WingZone is a franchise brand that emphasizes efficiency and effectiveness,” said Matt Friedman, the CEO and Founder of WingZone. “We recognize that BoeFly’s service can offer our franchisees an efficient way to access the financing they need to run their locations and continue to improve and satisfy expectations.”

“Today even top franchisors face a significant challenge – converting otherwise qualified franchisee candidates into ongoing, paying customers because of the difficulty they have accessing capital” said Mike Rozman, Co-president of BoeFly. “Franchise lending has been down by as much as 40% in the past two years due in part to the inefficiencies in the lending process that have been exposed by the financial crisis. BoeFly eliminates these inefficiencies by connecting franchisees with banks that are ready and willing to lend.”

About WingZone

Wing Zone is one of the nation's fastest-growing takeout/delivery chains — known for its 15 award-winning flavors of fresh, cooked-to-order chicken wings, fingers, chicken sandwiches, burgers and more. Wing Zone has nearly 100 locations operating nationwide and 30 more in development. Interest in Wing Zone has significantly “heated up” since receiving coverage on Food Network’s “Roker on the Road”, ESPN's "Cold Pizza", and inclusion on Inc. Magazine’s list of 500 Fastest Growing U.S. Private Companies, Entrepreneur Magazine’s Franchise 500, and Franchise Times’ Fast 55. For more information, visit http://www.wingzone.com/index.html.

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, now a strategic ally of the International Franchise Association to expand credit access within the franchise community (http://www.boefly.com/ifa.cfm), offers a 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

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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

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Source:Michaela Kron
Location:New York City - New York - United States
Industry:Finance, Restaurants, Franchising
Tags:BoeFly, WingZone, franchise restaurant, franchising, ifa, small business loan, sba, compatibility matching
Shortcut:prlog.org/11806156
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