The Seva Salon franchise, exclusively located at Walmart, partners with BoeFly to facilitate franchise acquisition loans for prospective franchisees nationwide. Seva Salon assists Walmart to create the One-Stop-Shop experience for Walmart shoppers by offering salon services at Walmart locations. The salon provides eyebrow shaping, hair removal, and nail services to Walmart’s customers. However, many prospective Seva franchisees face a challenge when searching for small business loans because many Walmart locations are in remote areas with fewer bank options. The traditional bank-to-bank financing approach leaves these franchisees with fewer options to access capital for their business endeavor.
“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, President of BoeFly. “Franchise lending has been down by as much as 40% 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 connecting franchisees with banks that are ready and willing to lend.”
Seva equips new franchisees with threading and eyelash specialists from Seva Academy as well as salon products that compliment Seva’s salon services. In addition to providing qualified staff and high quality products, Seva Salon provides franchisees with BoeFly’s portfolio of financial services in order to assist franchisees in securing financing in a time-efficient manner. BoeFly will aide franchisees to create a single, bank-ready financing request, to post the request on BoeFly’s online marketplace, and to reach potential lenders nationwide to streamline the financing process.
“BoeFly is an important part of our expansion strategy,” said Vas Maniatis, Managing Member of Seva Salons. “Many of our potential salons are located in rural areas that offer fewer banking options. BoeFly gives our franchisees easy access to a nationwide network of lenders who we believe will understand and appreciate our franchise concept.”
Click here to view the full press release.