The March 1st webinar polled a group of 65 lenders about what they look for when evaluating franchise brands in connection with franchisee financing requests. The majority – 45% of 38 lenders who responded – cited “SBA Default/Charge-
In another poll, 98% of 41 lenders who responded said it is important for brands to supply system-related information in connection with financing requests.
“At Chase, our primary focus is underwriting the borrower, and while we have to make sure the borrower is someone we want to lend to, part of being prudent is also understanding that brand,” said Brian Myers, SBA Credit Manager at Chase and a panelist in the webinar. “The BCR offers us a great deal of information that helps us underwrite the entire deal and understand the entire deal beyond the borrower, but also the support that the franchisor offers.”
In a poll directed toward franchisors, 91% of 55 franchisors who responded said it is the responsibility of franchisors to support franchisees in accessing capital.
“Access to capital is a key issue facing the franchise industry right now, and it is more important than ever for lenders to fully understand the financing requests they receive from franchise borrowers,” said Mike Rozman, Co-president of BoeFly and the webinar’s moderator. “A large part of this understanding is obtaining accurate and adequate information on the franchise brand and not just the franchisee requesting the loan, and FRANdata’s BCR is a highly useful tool for that purpose.”
BoeFly offers the BCR, generally priced at $5,000, at a discounted rate to its more than 100 franchisor members.
To view and listen to the full webinar and read the full transcript, please follow this link: http://www.boefly.com/
BoeFly makes it easier to obtain small business loans (http://www.boefly.com/
Borrowers build a complete decision-ready loan request online using BoeFly’s exclusive “SmartForm”
BoeFly, now in a Strategic Alliance with the International Franchise Association to expand credit access within the franchise community (http://www.boefly.com/
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.
Bill Fallon/ Keating Co. /212.925.6900/
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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