Great Clips Franchisee in Chicago Secures Start-Up Loan Through BoeFly to Open Salon

March 7, 2013 - PRLog -- CHICAGO, Ill. – BoeFly, the premier online marketplace connecting lenders with small business borrowers, and a strategic ally of the International Franchise Association (IFA) to expand credit access within the franchise community, announced today that Sandip Patel, a new Great Clips franchisee in Chicago, Ill., secured a start-up loan through a connection made by BoeFly. Great Clips is the world’s largest salon brand, with nearly 3,200 salons throughout the United States and Canada.

Patel, an experienced entrepreneur and nine-year hotel industry veteran, plans to open his salon in early 2013.

When Patel submitted his loan request to BoeFly, he received several requests from banks to view his complete loan package and ultimately chose a leading national lender.

“I have found BoeFly to be an extremely effective resource to help me find the capital necessary to get started as a Great Clips franchisee,” said Patel. “As an entrepreneur, I appreciate the value and efficiency the BoeFly platform offers, and I am very pleased I was able to connect with Chase Bank for my loan.”

Great Clips is among more than 125 franchise brands that have selected BoeFly to assist its franchisees in obtaining bank financing.

“The number of Great Clips franchisees who have found financing through BoeFly continues to grow, and each new success story reaffirms that BoeFly is an invaluable tool in helping our franchisees get financed,” said Steve Overholser, CFO of Great Clips. “One of Great Clips’ most important commitments is offering our franchisees financing support because we understand how challenging the process can be, and that is why we recommend BoeFly as the most efficient financing tool."

“Great Clips has consistently shown an active commitment to supporting its franchisees throughout the entire process, including financing,” said Mike Rozman, co-president of BoeFly. “It is always wonderful to learn about another success story of a business owner connecting with a lender through BoeFly, and this in turn helps drive small business growth and create new jobs. We look forward to continuing to work with franchisors like Great Clips in helping to support their 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 3,600 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 3,600 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 bringing 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.

About Great Clips, Inc.

Great Clips, Inc. was established in 1982 in Minneapolis. Today, Great Clips has more than 3,000 salons throughout the United States and Canada, making it the world’s largest salon brand. Great Clips salons employ nearly 30,000 stylists who receive ongoing training to learn advanced skills and the latest trends. Make Great Clips your choice for value-priced, high-quality haircare for men, women and children. No appointments needed, and salons are open nights and weekends. And, it’s more convenient than ever with Great Clips’ Online Check-In. To check-in online, visit www.greatclips.com or download the app for Android and iPhone. For more information about Great Clips, Inc. or to find a location near you, visit http://www.greatclips.com.

Media inquiries:

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