New online sites pop up that connect borrowers with banks willing to issue loans

Jessica SarterBoeFly In The News


After the local Subway franchise owner and his loan consultant, Joe Wojtowicz, were denied a loan by more than five local banks, Mr. Lukasik chose not to wait any longer. He said he “robbed” his 401(k) of $100,000 to fund his third Subway shop, at Cleveland Hopkins International Airport, while Mr. Wojtowicz continued the hunt for money.

This time around, the consultant took a different tack. He placed the request for a loan before banks hundreds of miles away — without traveling a mile. In mid-October, Mr. Lukasik closed on a $300,000 loan with a Chicago bank in a deal struck on BoeFly, a new Internet site.

Read More (external link)  – Crain’s Cleveland Business