TCBY, the leading international frozen yogurt franchisor, has recently selected BoeFly to assist its franchisees in obtaining bank financing for new TCBY locations. For the past 30 years, TCBY, “The Country’s Best Yogurt,” has been the leading company in the frozen yogurt industry. TCBY’s unwavering commitment to customer service and product innovation inspires potential franchisees to grow the franchise and open new stores across the country. BoeFly will work with TCBY franchisees to reduce time, cost, complexity, inefficiency, and frustration associated with small business lending.
“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% 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.”
Nearly half (49.2%) of the respondents in a recent survey by the International Franchise Association (IFA) of its members identified “financing/access to credit” as the top issue of concern to franchise business leaders. In response to this concern, BoeFly offers services to borrowers and lenders that increase efficiency and produce higher revenues for both franchisees and lenders. BoeFly enables small business borrowers to access an extensive network of lenders with a single posting of their loan request on BoeFly’s online loan exchange. BoeFly’s proprietary matching technology will help TCBY franchisees connect with lenders when the components of the franchisee’s loan request and the lender’s credit criteria align. BoeFly’s matching technology efficiently connects franchisees with the capital needed to open their businesses.
“To maximize the quality and service offered by our stores, TCBY invests heavily in its franchisees through various support systems to better prepare them to be successful owners,” said Rob Streett, Senior VP of Development. “We’ve decided to provide BoeFly’s service to our franchisees to help them operate their businesses more efficiently and continue to focus on satisfying customers.”
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