Increased access to capital for small businesses
More than $3 million in PPP financing to 249 small businesses with a median loan size of $15,000
Retained more than 700 jobs in communities across the country
Community Partner Success Story
For franchise owners, access to capital is a business priority. New owners and existing owners require significant amounts of capital to acquire real estate and assets to make their businesses successful and sustainable.
BoeFly helps franchisees and franchise owners manage their finances through smart borrowing, connecting these small businesses with essential resources and capital. Founded in 2010 by small business owners and small business lending experts, BoeFly’s marketplace has accommodated over $5 billion in transactions.
When the COVID-19 pandemic disrupted the U.S. economy, franchise owners were hit with closures, layoff s and unpaid overhead expenses. Like other small business borrowers, high demand prevented many franchise owners from obtaining PPP loans. Larger banks were overwhelmed and made mostly high-dollar PPP loans. BoeFly saw an opportunity to get its clients the smaller PPP loans they needed to weather the pandemic.
BoeFly had referred loans to CRF in the past, but the PPP loan was an ideal product for partnership, with the average loan amount being $12,500. CRF’s SBA expertise and its streamlined application process meant that BoeFly could secure even more loans for its clients in need.
As the PPP and other relief loans continue to benefit small business owners, CRF and BoeFly have created an efficient partnership and process for getting funds to franchise owners that are facing additional expenses for re-opening and social distancing.
“BoeFly has been a great partner for CRF as we work to support small businesses across the country access critical PPP funds. As a result, hundreds of small business owners secured PPP loans, empowering them to keep their employees working and cope with the new COVID-19 reality.” Judy Jandro, SVP Small Business Lending, CRF.