- Dec. 11, 2012 - New York, N.Y.
– 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 CUPS Frozen Yogurt – That’s Hot™, the hip self-serve fro-yo concept, 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.
Since opening the first CUPS in Clifton, N.J. in November 2010, CUPS has taken a leadership position in the self-serve frozen yogurt industry becoming the local hot spot for teenagers and adults alike who make their own fro-yo concoctions, choosing from 24 yogurt flavors, more than 50 different toppings and three sauces. CUPS currently has 10 locations in the New York, New Jersey metro area and has recently announced the signing of 13 new area development agreements representing 25 franchise units in New Jersey and Florida.
According to CUPS Co-founder Rick Barbrick, CUPS is much more than great frozen yogurt; CUPS was designed around the experience.
“It’s more of a club-like experience,”
Barbrick said. “We pump out club dance music at volumes that create a highly energetic vibe, a lounge-type design with couches, ottomans and eclectic murals; and Cast Members with infectiously fun personalities. It’s the complete experience that gives us that edgy vibe versus an everyday yogurt bar or ice cream shop experience. We have aggressive growth plans, and we’re excited that BoeFly is supporting our franchisees’
growth by best positioning them to seek and secure financing.”
“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 percent 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 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 2,400 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 2,400 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
), Franchise Solution brings these benefits to the large and growing small business franchisee community and is the choice of more than 125 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
Bill Fallon/ Keating Co. /212.925.6900/