Dickey’s Barbecue Pit Franchisee in Maryland Secures SBA Start-Up Loan to Open Restaurant

GERMANTOWN, Md. - March 21, 2013 - PRLog -- 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 Justin Trouard, a franchisee of Dickey’s Barbecue Pit in Germantown, Md., secured an SBA start-up loan (http://www.boefly.com/sba-loan) from a local bank through a connection made by BoeFly.

Trouard, a first-time restaurant owner, has spent the past 10 years working in the restaurant and hospitality industry.

"I knew I needed additional financing to be able to open up my Dickey’s Barbecue Pit, and I had already done an exhaustive search when I was finally pointed to BoeFly from a banker friend who doesn't lend in my area,” Trouard said. “Given the frustration I had while searching on my own, I was initially skeptical, but I was blown away at how effective BoeFly was. I went through BoeFly's easy-to-follow process and was able to build a serious financing package that fit the criteria of several banks, including the one I chose to work with.”

After Trouard posted his complete loan package onto BoeFly, he was contacted by 10 lenders who were interested in funding his deal, including one located down the street from his new restaurant.

“Thanks to the loan I secured from Sonabank, a bank right in my area, I was able to open my first restaurant last month, and it absolutely would not have happened without BoeFly,” he said.

Mike Rozman, BoeFly’s co-president, views this success story as a practical and encouraging solution to the widespread issue of small business credit access.

“Justin Trouard’s story represents a common issue in today’s tight small business credit market, as many small business owners nationwide find challenges in efficiently accessing the capital they need,” said Rozman. “Fortunately, BoeFly has helped him and many others efficiently secure financing to start up or grow their businesses, and we look forward to continuing to work with qualified borrowers such as Justin and reputable lenders to help drive small business growth and create new jobs.”

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 more than 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 more than 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.

Media inquiries:
Bill Fallon/ Keating Co. /212.925.6900/ bfallon@keatingco.com