January 24, 2011 // Franchising.com // PARKERSBURG, W. VA. – Obtaining financing, whether to start a new business or operate an existing one, is a challenge that entrepreneurs face on a regular basis, especially in a troubled economy. To simplify this process for their franchise business, Woodcraft Franchise, LLC, is partnering with BoeFly, an innovative online marketplace that streamlines commercial transactions.
BoeFly uses proprietary matching technology to connect franchisees with lenders so that their loan package meets specific lending criteria, increasing franchise revenue by helping franchisees connect with the capital they need to open their businesses.
"We actively try to support our franchisees, and we see BoeFly as an efficient tool to do so," said Gary Lombard, vice president - retail/franchise development at Woodcraft. Currently there are over 80 Woodcraft franchise stores nationwide, operating in 36 states.
The Woodcraft/BoeFly relationship offers Woodcraft franchisees access to a network of lenders through the posting of a single loan request on the BoeFly Internet-based loan exchange, as well as assistance in creating an effective loan request and support for managing lender inquiries. To assist franchisees even further, Woodcraft has subscribed to the Concierge Level of Service which provides assistance through telephone support. A Boefly representative will be available to answer Franchisees' technical questions about completing the required forms and documents and to provide detailed feedback and analysis to improve the franchisee's loan package quality and lender connection. Woodcraft has covered BoeFly's subscription fee, so stores will not incur any cost to use the services.
Two factors prompted BoeFly's creation of a separate portfolio of services for the franchisor market: Success in helping many individual franchisees obtain financing and a recent International Franchise Association survey that cited "financing/access to credit" as a major issue of concern to franchise business leaders.
"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 Robert Tannenhauser, CEO 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."
According to BoeFly, it 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.
Woodcraft Supply, LLC, is one of the nation's oldest and largest suppliers of quality woodworking tools, supplies, and plans. The Parkersburg, W.Va.-based company's more than 20,000 products are sold at retail stores in over 70 major metropolitan areas across the U.S., through two million catalogs distributed annually in all 50 states and 117 countries, and online at woodcraft.com. All products are backed by our 90-Day Guarantee and the industry's best customer service. Woodcraft also offers educational opportunities through classes and demos at the stores, how-to videos and articles online, and project, technique and product features in Woodcraft Magazine, which publishes six issues annually.