SOURCE: BoeFly, LLC

BoeFly, LLC

July 12, 2011 10:02 ET

Small Business Borrowers Can Now Instantly Assess Their Fundability Through BoeFly and Efficiently Connect With BoeFly's Over 1,000 Participating Banks

Free Fundability Tool Matches a Small Business Borrowing Request to Specific Lending Preferences of Banks Registered With BoeFly

NEW YORK, NY--(Marketwire - Jul 12, 2011) - BoeFly, the premier online marketplace connecting lenders with business borrowers, announced the availability of a powerful free tool that will enable entrepreneurs and small businesses to obtain an immediate assessment of a prospective loan request's fundability.

The arduous process associated with seeking small business financing has a chilling effect on the number of new businesses that actually pursue, and stick with the task of getting their small business financed. The biggest question, at the outset, for an existing or prospective business owner is how "fundable" is their business. BoeFly's Fundability Tool requires less than five minutes to input basic information at http://www.boefly.com, which instantly matches that information with the preferences of lenders utilizing BoeFly to find compatible loans. BoeFly has over 1,000 participating lenders. The process does not require the submission of any personally identifiable information, nor does it result in a prospective borrower's credit file being accessed. Variables captured include:

  • Industry
  • Loan Purpose (acquisition, startup, equipment purchase, etc.)
  • Loan Amount
  • Equity Injection
  • FICO score
  • Total Personal Assets and Liabilities
  • Available Cash
  • Collateral
  • Business Location (State)

Upon completion, prospective borrowers receive a detailed report within seconds, providing the number of banks registered with BoeFly whose lending profiles are compatible with the loan sought. Of equal importance, the report indicates the relative strengths and weaknesses of the loan request, and provides suggestions for improving fundability.

"Up until now, there has been no simple or efficient method for a business borrower to get a clear sense of lenders' interest in and the strengths/weaknesses of a potential loan request," said David Nayor, Co-President of BoeFly. "BoeFly's Fundability Tool now makes it possible to get an immediate picture of fundability, making it a vastly superior option to the current time consuming and expensive 'hit or miss' practices of either hiring a broker or actually attempting to engage banks and lenders one at a time."

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, investors, buyers and sellers to a potential transaction and facilitating the efficient completion of these transactions. For lenders, BoeFly also provides the ability to sell loans to investors freeing up liquidity for even more 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 owners and 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.

Contact Information

  • Media inquiries:
    Bill Fallon
    Keating Co.
    212.925.6900
    Email Contact