Major American tool manufacturer, Matco Tools, collaborates with BoeFly to accelerate the process for franchise loan acquisition. To bolster Matco’s ability to service the nation’s professional mechanics and construction enthusiasts, BoeFly will help Matco to efficiently finance the development of the franchise. With access to BoeFly’s portfolio of services, new Matco franchisees can create effective loan requests and connect efficiently with interested lenders.
“Using BoeFly’s services, we aim to grow the Matco Tools footprint in the market and offer our manufacturing and distribution services to more customers who value quality tools,” said Rick Smearcheck, Director of Financial Services for Matco Tools.
“With BoeFly’s online platform, the process of finding the right lenders for our franchisees will be much simpler and more convenient. It is one more way we are removing hurdles to small business ownership so that potential franchisees can make the dream of owning their business a reality.”
Independent mobile distributors operate as the main source of distribution for Matco Tools. Through its partnership with BoeFly, Matco will be able to expand its network of distributors by offering an alternative method to raising capital rather than the traditional bank-to-bank approach. BoeFly will provide franchisees with the opportunity to connect with thousands of lenders through a single posting on BoeFly’s online loan exchange platform. BoeFly loan experts will also assist Matco franchisees with the packaging and posting of their loan request. After posting the loan request online, BoeFly experts will facilitate the connection between Matco franchisees and potential lenders so that a deal can be executed efficiently.
“Today even top franchisors face a significant challenge – converting otherwise qualified franchisee candidates into ongoing, paying customers because of the difficulty they have accessing capital,” said Mike Rozman, Co-President of BoeFly. “Franchise lending has been down by as much as 40 percent in the past two years due in part to the inefficiencies in the lending process that have been exposed by the financial crisis. BoeFly eliminates these inefficiencies by connection franchisees with banks that are ready and willing to lend. We are pleased to extend these benefits to potential Matco Tools franchisees.”
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