Great Clips Franchisee in Northern New Jersey Secures SBA Loan to Open Salon

May 25, 2012 - PRLog -- New York, NY – BoeFly, the premier online marketplace connecting small business borrowers with lenders and a strategic ally of the International Franchise Association (IFA) to expand credit access within the franchise community, announced today that David Kim, a Great Clips franchisee in Vauxhall, N.J., 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.

“I knew financing would be a challenge when I decided to open my salon, and BoeFly’s service proved to be instrumental in connecting me with a lender in a fast and efficient way,” said Kim. “Now I am able to focus my efforts on preparing to open the salon, create additional jobs and provide excellent service to our customers.”

When Kim submitted his loan request to BoeFly, he posted 14 supporting documents, and the Great Clips brand presented 10 supporting documents. Seven lenders, including the bank that funded Kim’s loan, requested to view his complete loan package.

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

“Franchisees of Great Clips have previously been successful in securing loans through BoeFly, and we were very happy to learn that David was able to use the platform and get the financing he needed to open his salon,” 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 Kim 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 2,200 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 2,200 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