Racine, WI Company Secures $1.6 Million in Financing using BoeFly

June 20, 2011 - PRLog -- BoeFly, the premier online marketplace connecting lenders with business borrowers, secondary market loan buyers and professional service providers, announced today that an SBA guaranteed loan of $1.6 million for the working capital of a hydro electric machine company was closed through a connection made by BoeFly.

Borrower, Brad Abel said, “I wanted a true professional to help me obtain the financing I needed for my business.  Broker Chris Miller quickly helped me secure financing through a bank in Illinois.”  Chris Miller, President of Evergreen Equity Partners LLC, and longtime BoeFly user, posted the financing request on BoeFly, which is used by many professional loan brokers.   “BoeFly was the key to getting Abel the working capital he needed for his company; Michaels Machine, a precision turning machine shop.” said Miller.

Miller posted the request on BoeFly where more than 500 lenders from around the country could access the deal. “I use BoeFly to ensure that my clients have extensive exposure to the most suitable lenders,” said Miller. “In the first few days that Brad Abel’s request was posted on BoeFly, 10 lenders requested access to the detailed package.  BoeFly gave Abel greater exposure to the lenders out there than I personally could have reached in such a short period of time.”

Ridgestone Bank, based in Illinois loaned Brad Abel the $1.6 million to use for working capital.

“We take such great pride in knowing that through BoeFly, another small business owner has connected with a lender and obtained financing,” said Mike Rozman, Co-president of BoeFly.  “We know how difficult and time consuming it can be to fill out loan requests.  We make that process easier for borrowers, lenders and brokers.”

About BoeFly
BoeFly is the only online marketplace harnessing technology to dramatically simplify the execution of commercial transactions, including all loan origination and sales. BoeFly revolutionizes how deals get done by seamlessly connecting all parties, including lenders, borrowers, investors, buyers and sellers to a potential transaction and facilitating the efficient completion of these transactions. For small business lenders, BoeFly also provides the ability to sell loans to investors freeing up liquidity for even more small business lending. BoeFly is a subscription service and does not charge any transaction fees.

Key to the success of BoeFly is the site's dynamic compatibility technology which matches parties based on a specific set of criteria. Also, to help BoeFly subscribers complete transactions, BoeFly offers access to service providers in a wide variety of professions from appraisers, to closing attorneys, to environmental consultants.

BoeFly was founded by small business lending experts with extensive banking and secondary market experience. The company is privately-held and is based in New York City. www.boefly.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