Pearle Vision and BoeFly have teamed up to provide Pearle Vision franchisees with an alternative to the traditional bank-to-bank approach for securing franchise acquisition loans. Existing and prospective Pearle Vision franchisees can access thousands of lenders with one posting of a loan request on BoeFly’s online marketplace for business loans. When loan request criteria from the franchisees matches with the credit criteria of the lenders, new franchisees will maximize their time and secure financing for their small business endeavors.
“We think Pearle Vision will greatly benefit from BoeFly’s services, which will provide our existing franchisees and our new franchise candidates with easier access to financing,” said Michael Weaver, Senior Manager of Financial Services for Pearle Vision.
“BoeFly’s online platform makes it especially simple for franchisees to find the right lender for their needs and helps Pearle Vision strengthen its franchise community.”
BoeFly offers a myriad of services to franchisees including assistance in creating a loan request, management of lender inquiries, and development of lender-borrower deals and relations. Pearle Vision will utilize BoeFly’s services to maintain its position as the largest optical franchise in the U.S. because the company’s franchisees can secure financing faster and therefore develop the franchise more efficiently than competitors. The relationship between the two companies will expedite the financing process and produce higher revenues for both the franchisor and the franchisee.
“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 Pearle Vision franchisees.”
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