Franchise Times: BoeFly Hits $2 Billion

Jessica SarterSmall Business Lending

It may not quite be Groupon’s level of growth, but the online lending marketplace BoeFly has had a pretty big progression of its own to brag about. The New York-based company, which only broke into the business in March 2010, has already posted $2 billion in loan transactions.

Thousands of commercial transactions have been posted to the company’s loan exchange over the past year and a half. The largest loan request was for $25 million; the smallest, $10,000. California has been the home to the most loan requests, representing 14 percent of the total, followed by Texas with 10 percent of the requests. Retail trade, accommodation and food services have been the most popular industry sectors.

The average loan request for a fast-food restaurant has been $2.6 million. Convenience stores’ average request has been $1.31 million. On average, barbecue restaurants have asked for $242,700.

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