We were very happy with the fact that BoeFly allowed us to get in front of so many lenders with one loan application and lenders to whom we may never had the opportunity to submit our information,” said Anderson.
Albany, NY (PRWEB) June 18, 2014
With more than 18 years of restaurant management experience between them, Mike Stygles and Bruce Anderson in the early 2000s decided it was time they parlay that experience into business ownership. They saw Front Burner Brands’ concept The Melting Pot® as a great opportunity. Now, with a few years of Melting Pot restaurant ownership experience under their belts, they decided it was the right time to open another restaurant. Stygles and Anderson liked Burger 21®, also a Front Burner Brands concept. Having been through the experience of opening a small business in the past, Stygles and Anderson knew that saving time where they could would be essential.
Burger 21 recommended that their franchisees use BoeFly to obtain financing. “We were very happy with the fact that BoeFly allowed us to get in front of so many lenders with one loan application and lenders to whom we may never had the opportunity to submit our information,” said Anderson.
After connecting with 18 different lenders on BoeFly, Stygles and Anderson were approved for an SBA start-up loan to finance the opening of their first Burger 21 location, which is slated to open next month in Latham, New York.
Stygles and Anderson spoke with lenders from all across the country including lenders from Texas, Florida, Oklahoma and Georgia. Ultimately, they decided to work with Gary Holmquist from Community Reinvestment Fund, USA (CRF), a non-profit SBA 7(a) lender located in Minneapolis, Minnesota. “Connecting with Mike Stygles and Bruce Anderson, who are business owners in New York, is one of the many reasons I use BoeFly to source business loans. I have access to meet quality borrowers like Mike and Bruce from across the country who most likely wouldn’t just walk in my door,” said Holmquist, regional director, CRF.
BoeFly, the premier online marketplace connecting small business borrowers with lenders and a strategic ally of the International Franchise Association (IFA) working to expand credit access within the franchise community, has partnered with over 150 franchise concepts to help make getting a business loan easier for franchisees.
Stygles and Anderson learned about BoeFly at the recommendation of Front Burner Brands, which is among more than 150 franchise brands that have selected BoeFly to assist their franchisees with financing support.
“Providing our franchisees with a tool to make the process of getting a loan more efficient is important as Front Burner Brands, and specifically Burger 21, continues to grow. The less time business owners have to worry about looking for financing, the more time they have to spend on starting up or expanding their restaurants,” said Dan Stone, vice president of franchise development at Front Burner Brands.
BoeFly co-president Mike Rozman views this success story as an uplifting solution to widespread frustration that business owners find when they are looking for a business loan.
“The process of going bank to bank to look for financing is antiquated and inefficient. Furthermore, by limiting yourself to local lenders you may decrease your chances of getting financing or getting financing at the best rates and terms. It is always encouraging to see small business owners, franchisors and lenders taking advantage of more efficient solutions to seeking financing in today’s tight small business loan market,” said Rozman. “BoeFly has helped Stygles and Anderson, as well as many small business owners efficiently secure financing to start up or grow their businesses, and we look forward to continuing to work with reputable franchisors like Front Burner Brands and lenders, such as CRF to help drive small business growth and create new jobs.”
To further fuel Burger 21’s and The Melting Pot’s expansion, Front Burner Brands is actively seeking qualified franchisees and will be exhibiting at the upcoming International Franchise Expo June 19-21 at The Javits Center in New York City. Local entrepreneurs are invited to meet with Stygles and the company’s franchise development team at Booth No. 120 to learn more about growth opportunities and hear from Stygles about his experience as a franchisee first-hand.
Additionally, Burger 21 will host a live franchising webinar on Thursday, June 26 at 3 p.m. EDT. To register, or to learn more about franchising opportunities with Burger 21, please visit http://www.burger21franchise.com/events.aspx or contact Ashley Pollard, franchise development manager for Burger 21, at 813-425-6252 or apollard(at)burger21(dot)com.
BoeFly makes it easier to obtain small business loans 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.
Before seeking a loan business borrowers can find out their fundability and may get prequalified for a business loan through bQual™. The bQual™ report will deliver a business borrower’s FICO SBSS Small Business Credit Score (used by lenders nationwide and required for SBA loans), a personal consumer credit score and credit bureau report, and a detailed financing assessment of a borrowers fundability.
Integrating the bQual™ scores into the loan seeking process on 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 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, now a strategic ally of the International Franchise Association to expand credit access within the franchise community, offers a Franchise Solution bringing 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., and Kiddie Academy, among many others.
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 Burger 21
With 12 locations open in Florida, Georgia, New Jersey, North Carolina and Virginia, and 23 in development in seven states, Burger 21 is a "beyond the better burger" fast-casual franchise concept founded in 2010. Burger 21 is a chef-inspired brand with offerings including 21 unique burger creations ranging from hand-crafted, freshly ground Certified Angus Beef® to chicken, turkey, vegetarian, shrimp and tuna burgers, fresh salads, all-beef hot dogs, chicken tenders and an extensive shake bar including hand-crafted shakes, floats and sundaes. Burger 21 is an affiliate of Front Burner Brands, a restaurant management company headquartered in Tampa, Fla. For more information, visit http://www.burger21.com.
About The Melting Pot Restaurants, Inc.
With more than 135 restaurants in North America, existing locations across 35 states, Canada and Mexico and more than 25 locations currently in development, The Melting Pot Restaurants, Inc. is the premier fondue restaurant franchise and a leading polished casual dining franchise. Founded in 1975, The Melting Pot continues to be a memorable dining experience. Guests enjoy a choice of fondue cooking styles and a variety of unique entrees combined with dipping sauces. The menu also includes cheese fondues, salads, fine wines and chocolate fondue desserts. The Melting Pot is an affiliate of Front Burner Brands, a restaurant management company headquartered in Tampa, Fla. For more information, visit http://www.meltingpot.com.
About Front Burner Brands
Front Burner Brands (formerly known as TGS Restaurant Management) is a restaurant management company headquartered in Tampa, Fla. It is affiliated with the corporate owners of and its management services extended to The Melting Pot Restaurants, Inc., founded in 1975 with more than 135 locations in North America and more than 25 locations currently in development, Burger 21 with 12 locations open in Florida, Georgia, New Jersey, North Carolina and Virginia, and 23 in development in six states, GrillSmith with five locations in the Tampa Bay area and other new franchise concepts in development. For more information, visit http://www.frontburnerbrands.com.
Community Reinvestment Fund, USA (CRF), a nonprofit organization and certified Community Development Financial Institution (CDFI), is a national leader in bringing capital to underserved areas. Formed in 1988, CRF has injected more than $1.5 billion into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, Minn. For more information, http://www.crfusa.com.