Franchisees of Three Hardee’s Restaurants in Iowa Secure $1,600,000 Loan Through BoeFly

BoeFly connects Tipton, Iowa multiunit franchisees of Hardee’s with St. Cloud, Minn. bank for a loan to refinance and remodel their restaurants
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Tipton - Iowa - US

TIPTON, Iowa - April 16, 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 Alexander and Julie Tischuk, husband-and-wife franchisees of three Hardee’s locations in Iowa, secured a $1,600,000 loan from Stearns Bank in St. Cloud, Minn. to refinance and remodel the restaurants through a connection made by BoeFly.

“As multiunit Hardee’s franchisees, Julie and I needed to secure a large loan amount to refinance and remodel our restaurants, and BoeFly turned out to be the most efficient solution for us,” said Alexander Tischuk. “The platform allowed us to connect with multiple banks throughout the country, and ultimately helped us secure a loan from a bank in a different state that we would not have connected with otherwise."

After evaluating several financing requests from BoeFly, the Tischuks decided to connect with David Kahlhamer, SBA operations supervisor at Stearns Bank in St. Cloud, Minn., who has successfully used BoeFly to originate loans in the past.

“The Tischuks were great to work with and provided the necessary documentation to Stearns Bank N.A. that was needed to provide funding for this complex loan package," said Kahlhammer. “BoeFly has proven to be an effective resource for Stearns Bank N.A., and we will continue to use the platform to originate small business and franchise loans.”

The Tischuks used BoeFly at the recommendation of Hardee’s, which is one of more than 125 franchisors that have selected the platform to assist franchisees in obtaining bank financing.

“We understand how critical access to capital is for our franchisees, and that is why we have chosen BoeFly as a key resource to assist them with the process of obtaining financing,” said Jim Sullivan, SVP of Franchising for Hardees and Carl's Jr. “We are thrilled to know that the service helped the Tischuks secure the loan necessary to refinance and remodel their Hardee’s restaurants, and are confident in the BoeFly platform and the future success it could bring to our franchisees.”

Mike Rozman, BoeFly’s co-president, views this success story as an example of a practical solution to the widespread issue of small business credit access in the U.S.

“The Tischuks’ story is common, as many small business owners nationwide are challenged in these tight times to acquire the capital their businesses need to thrive,” said Rozman. “Fortunately, BoeFly has helped them efficiently secure competitive financing to grow their businesses, and we always are proud to work with qualified borrowers and resourceful lenders like David Kahlhamer to help drive small business growth and job creation.”

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 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.

About CKE Restaurants, Inc.

CKE Restaurants, Inc. is a privately held company headquartered in Carpinteria, Calif. As of the end of the second quarter of fiscal 2013, the Company, through its subsidiaries, had a total of 3,279 franchised or company-operated restaurants in 42 states and 26 foreign countries, including 1,333 Carl's Jr.® restaurants and 1,939 Hardee's® restaurants. For more information about CKE Restaurants, please visit www.ckr.com or its brand sites at www.carlsjr.com and www.hardees.com.

About Hardee’s

Celebrating more than 50 years in the quick-service industry, Hardee’s Food Systems is a wholly owned subsidiary of CKE Restaurants, Inc. of Carpinteria, Calif. As of the end of the second quarter of fiscal 2013, the Company, through its subsidiaries, had a total of 3,279 franchised or company-operated restaurants in 42 states and in 26 countries, including 1,333 Carl's Jr.® restaurants and 1,939 Hardee's restaurants.  For more information, or to find a Hardee’s near you, go towww.hardees.com. Hardee’s social media sites include www.facebook.com/hardees,www.twitter.com/hardees and www.youtube.com/hardees.

Media inquiries:

Bill Fallon/ Keating Co. /212.925.6900/ bfallon@keatingco.com
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Tags:BoeFly, Hardee S, Iowa, Franchise Financing, Small Business Loans
Industry:Finance, Restaurants
Location:Tipton - Iowa - United States
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Page Updated Last on: Apr 16, 2013
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