Direct Wholesale Inc, a Beloit, KS company prides itself on meeting the needs of leading contractors in Kansas and Nebraska. When Kurt Furwell, 15 year owner, began searching for financing he didn’t imagine BoeFly, an online exchange, would connect him to a Kansas community bank.
Infinite Personnel, a New York City-based full service, temporary healthcare staffing company providing staff to local hospitals, nursing homes and other medical providers had been seeking a loan for close to a year without any success. Then, President of Infinite Personnel, Cary Weiss, and his professional loan broker, Chris Miller of Evergreen Equity posted the loan to BoeFly and success … Read More
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.
The Small Business Lending Fund ended last week with disappointing results. Of the $30 billion intended to be disbursed to banks, only about $4.3 billion, or 14.3 percent, was approved for about 382 banks (out of 7,000 banks). This small participation has escalated the challenges small business owners face in growing their businesses, due to this lack of access to … Read More
In a recent announcement, President Obama reduces the time that federal agencies can take to pay small businesses for their products and services from 30 days to 15 days. This “QuickPay” announcement receives the support of SBA administrator Karen Mills; however, a reduction in payment time will not necessarily create more jobs or flow down to subcontractors. In the short-run, … Read More
Small businesses, from mom-and-pop shops to independent franchise owners, have faced enormous challenges in seeking financing since the beginning of the credit crisis. When Standard & Poor’s downgraded U.S. sovereign debt on Friday August 5th, countless small business owners wondered whether access to financing would become even more difficult. Beyond the small businesses themselves, the larger economy seeks to understand … Read More
Perhaps you need additional working capital, funds to expand, buy equipment, start a new business or purchase real estate. The goal is not just to get a loan, but to get one efficiently and with the best possible terms, all without taking your focus away from your business. The solution of course is to have a large number lenders review … Read More
BoeFly, the online exchange that successfully connects business borrowers with the over 2000 participating lenders, has analyzed the financing requests posted on its marketplace and has identified the following key elements necessary for obtaining small business loans on the best possible terms:
What is a Credit Score: The most commonly known credit score is the FICO score developed by the Fair Isaacs Company. FICO scores range from 300 to 850, the higher the number the better the score. A credit score below 650 may make it more difficult to obtain a loan. Business lenders look to a business borrower’s personal credit as … Read More
A business plan is a written document that is broken down into several different sections that set the procedures for operating your business and enabling you and your lender to understand and plan for the needs of your business. Think of the document as telling your story and answering the who, what, when, where, and why of your business. Not … Read More