CKE Restaurants, Inc. Selects BoeFly to Assist Its Franchisees in Obtaining Bank Financing
Leading restaurant franchisor, parent company of Hardee's and Carl's Jr. to offer BoeFly's Concierge Team Services to its franchisees nationwide.
New York, NY, February 28, 2011 --(PR.com)-- BoeFly, the premier online marketplace connecting lenders with business borrowers, announced today that CKE Restaurants, the leading restaurant franchisor and owner of Hardee's and Carl's Jr. has selected BoeFly to assist its franchisees in obtaining bank financing.
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, they 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 that their loan package meets specific lending criteria, increasing franchise revenue by helping franchisees connect with the capital they need to open their businesses.
CKE Restaurants Inc. operates some of the most popular U.S. regional brands in quick-service and fast-casual dining, including Carl's Jr., Hardee's, Green Burrito and Red Burrito, with over 3,000 locations in 43 states.
"BoeFly allows our franchisees to get funding efficiently by expanding their reach to targeted, qualified lenders," said Ned Lyerly, EVP Global Franchise Development of CKE Restaurants. "With the numerous capital requirements facing our franchise community today, we believe BoeFly will help accelerate our remodel, co-branding and new restaurant development initiatives."
"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 Michael 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."
About CKE Restaurants Inc.
CKE Restaurants, Inc. is a privately held company headquartered in Carpinteria, Calif. As of the end of its third quarter of fiscal 2011, CKE, through its subsidiaries, had a total of 3,153 franchised, licensed or company-operated restaurants in 42 states and in 18 countries, including 1,245 Carl's Jr.® Restaurants and 1,896 Hardee's® restaurants. For more information about CKE, please visit www.ckr.com.
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.
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