Famous Dave’s of America Inc. Selects BoeFly to Assist Its Franchisees in Obtaining Bank Financing
New York, NY, March 15, 2011 --(PR.com)-- BoeFly, the premier online marketplace connecting lenders with business borrowers, announced today that Famous Dave’s of America Inc. (NASDAQ: DAVE), a nationwide casual dining barbeque restaurant chain, has selected BoeFly to assist its franchisees in obtaining bank financing.
“Famous Dave’s continues to look for opportunities to support its franchise partners with their growth,” said Christopher O’Donnell, CEO of Famous Dave’s of America Inc, “and BoeFly’s platform represents an additional tool to help connect our franchisees with cost-effective financing.”
Famous Dave’s owns 52 locations and franchises 128 additional units in 37 states. Its restaurants feature award-winning barbequed and grilled meats, a large selection of salads, side items and sandwiches, and unique desserts. The company also sells its sauces and spices in grocery stores nationwide.
“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, President of BoeFly. “Franchise lending has been down by as much as 40% 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. BoeFly is excited to partner with a strong brand such as Famous Dave’s.”
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, restaurant companies 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 whose loan package meets specific lending criteria, increasing franchise revenue by helping franchisees connect with the capital they need to open their businesses.
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, franchisors, 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). Franchisors seeking to grow revenue by increasing the number of successfully financed franchisees please visit www.boefly.com/franchisor.
###
“Famous Dave’s continues to look for opportunities to support its franchise partners with their growth,” said Christopher O’Donnell, CEO of Famous Dave’s of America Inc, “and BoeFly’s platform represents an additional tool to help connect our franchisees with cost-effective financing.”
Famous Dave’s owns 52 locations and franchises 128 additional units in 37 states. Its restaurants feature award-winning barbequed and grilled meats, a large selection of salads, side items and sandwiches, and unique desserts. The company also sells its sauces and spices in grocery stores nationwide.
“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, President of BoeFly. “Franchise lending has been down by as much as 40% 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. BoeFly is excited to partner with a strong brand such as Famous Dave’s.”
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, restaurant companies 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 whose loan package meets specific lending criteria, increasing franchise revenue by helping franchisees connect with the capital they need to open their businesses.
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, franchisors, 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). Franchisors seeking to grow revenue by increasing the number of successfully financed franchisees please visit www.boefly.com/franchisor.
###
Contact
BoeFly
Bill Fallon
212-925-6900
www.boefly.com
Bill Fallon
212-925-6900
www.boefly.com
Contact
Categories