After the local Subway franchise owner and his loan consultant, Joe Wojtowicz, were denied a loan by more than five local banks, Mr. Lukasik chose not to wait any longer. He said he “robbed” his 401(k) of $100,000 to fund his third Subway shop, at Cleveland Hopkins International Airport, while Mr. Wojtowicz continued the hunt for money. This time around, the consultant took a different tack. He placed the request for a loan before banks hundreds of miles away — without traveling a mile. In mid-October, Mr. Lukasik closed on a $300,000 loan with a Chicago bank in a deal struck on BoeFly, a new Internet site. Read More (external link)  - Crain's Cleveland Business … [Read more...]

Robert Tannenhauser compares Boefly.com to a well-oiled online dating service, with one exception – “We know the people are going to fall in love before they get together.” The online loan exchange connects commercial borrowers and banks in small-business loan originations and sales. It boasts a tally of 592 lenders in its short, seven-month existence. “We launched in March and our exchanges have had more than $1.1 billion posted already,” said Tannenhauser, cofounder and CEO of Manhattan-based BoeFly. “So, it’s working, it’s catching fire and we’re growing 25 to 30 percent a month because it’s quality and it’s efficiency. Read More - Coleman Report … [Read more...]

Though only launched on March 17, 2010, Boefly, Inc. has already passed the $1 billion mark for transactions in just six months. Bobby Tannenhauser, President and CEO, recently sat down with Coleman Report editor Bob Coleman to discuss his success and what lenders can do at this time to stay on top. Read More - Coleman Report … [Read more...]

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The many complaints these days from banks that want to lend and small businesses that want to borrow suggest the two sides are having a tough time finding each other. But online loan exchanges like BoeFly and Biz2Credit say they can help. Both take loan applications from businesses and, using an automated system, match them with participating lenders. Read More (external link) - American Banker … [Read more...]

Perhaps you’ve heard: there’s a jobs bill on Capitol Hill, loaded with measures designed to jumpstart small businesses. A crucial component of the legislation is a $30 billion lending fund that community banks could tap into for cheap. Logic follows that community banks will lend that money to small businesses. All the bill requires is some goodwill among senators. Good luck. BoeFly.com has a vested interest in the Senate’s ability to play nice. The startup matches small businesses with lenders over the web, and stands poised to capitalize on reinvigorated debt markets. The company debuted in March with a mission to standardize most of the loan application process and create more avenues for companies to network with banks. Borrowers and lenders are flocking to the site, the … [Read more...]

Small business owners looking for a loan should try hopping online. A handful of companies including BoeFly and Biz2Credit are creating online marketplaces to connect small business owners with lenders. While the current economic climate has made it tough for small business owners to get a loan, there are banks with money to lend but simply can’t find the right company. “We heard a lot about how small businesses can’t get a loan or lenders can’t find credit-worthy borrowers,” said Bob Tannenhauser, founder and president of New York-based BoeFly, which launched in March. “We felt there was a great need to bridge that gap and get qualified borrowers connected with those lenders. Read More (external link) - Fox Business Center … [Read more...]

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The lending market is like the dating market in at least one respect: It’s tough out there. With that in mind, one new website aims to lessen the chance of loan rejection by connecting small businesses with willing lenders across the nation. Launched in March, BoeFly.com says it has already brokered nearly $1 billion in transactions, with about $4 million of that money going to small businesses in New Jersey. It’s a version of Match.com for small businesses. Read More (external link) … [Read more...]

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