Franchise software provider FranConnect and business lending marketplace BoeFly recently announced that they are jointly offering access tools for prospective franchisees to determine their financial positions and how much funding they are likely to have access to.
“The goal of our company has always been to make successful franchising easier,” said Keith Gerson, president of global operations at FranConnect. “It only makes sense to partner up with BoeFly, which has played an essential role in helping individuals enter into franchising relationships with the right financial standing.”
Mike Rozman, co-president and chief strategy officer of BoeFly, explained why the two companies are a good fit. “Our online marketplace best positions a business owner to seek and secure financing,” Rozman said. “We have more than 5,000 lenders from around the country who use BoeFly to find small business borrowers – a large concentration in the franchise market.”
This new effort will involve accessing BoeFly’s new online took ‘bQualTM,’ which is designed to help potential borrowers better understand their economic circumstances through vital financial details and a fundability report that assesses their loan prospects. For franchishees to access this information while still in the discovery phase offers them a better planning tool as they move toward business startup.
“When franchisees have the same data that banks will use to judge them right up front, then they’re positioned to succeed,” Rozman said. The tool was built so FranConnect users can view bQualTM results, helping them gain a better understanding of a franchisee candidate’s true potential.
FranConnect is the provider of Franchise Management Systems, a software solution for franchise development, performance & royalty management, collaboration & training, operations & marketing.
BoeFly is an online matching platform connecting small business borrowers with multiple lenders from among more than 5,000 participating banks and specialty finance companies, and has facilitated more than $4.2 billion in transactions.
Read more at their joint news release.
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