Coleman Report editor, Bob Coleman, recently engaged BoeFly CEO and Founder, Bobby Tannenhauser, in an extensive interview about Tannenhauser’s history in the small lending industry and the birth and development of his newest venture, BoeFly.
Tannenhauser discussed his days as CEO at BLX, then the nation’s second largest SBA lender, and his experiences there identifying inefficiencies in the small business lending industry that his new company, BoeFly, aims to alleviate. “I remember from my lending days how tremendously costly and inefficient [the] process was,” says Tannenhauser. “My business development officers would go through twenty loan applications before finding one good one. That methodology was inefficient even during the boom years, and it’s even worse today. BoeFly’s cutting-edge matching technology overcomes this problem.”
Tannenhauser explains in the interview how the BoeFly online marketplace greatly reduces inefficiencies and obstacles for all players in the field – borrowers, lenders and even brokers – by allowing borrowers (or brokers on behalf of borrowers) to instantly connect with a large network of potential lenders by posting a single loan package one time. The days of physically going from bank to bank to bank, each time filling out a loan application and providing required documentation, are over. BoeFly has revolutionized the way deals get done, and has expanded the possibilities of closing loans both for small business borrowers and lenders.
Bob Coleman is the Editor of the Coleman Report, a trade newsletter for small business bankers. He is the nationally recognized expert on small business financing. He has appeared on Fox Business News and CNN and has been quoted by all major financial media outlets including the Wall Street Journal, New York Times and Bloomberg. He has spoken at numerous small business banking events across the United States, including international engagements in the U.K. and Germany.
Prior to becoming CEO of BoeFly, Tannenhauser served as Chairman and Chief Executive Officer of BLC Financial Services, Inc. (“BLCF”) an American Stock Exchange Company, commencing in 1994. On December 31st, 2000 BLCF was sold to Allied Capital Corp., a New York Stock Exchange Company and Allied merged their SBA lending company into BLCF, which was renamed Business Loan Express. Tannenhauser remained as Chief Executive Officer of the combined entity until 2007. Previously Tannenhauser was a partner in the New York law firm, Rosenfeld Bernstein & Tannenhauser LLP for over thirty years.