CiCi’s Pizza has selected New York City-based BoeFly, an online marketplace that executes commercial transactions, to assist its franchisees in obtaining bank financing.
Nearly half (49.2 percent) of the respondents in a recent member survey conducted by the International Franchise Association identified “financing/access to credit’ as their top issue of concern. In response to this concern, BoeFly created a portfolio of services for the franchisor market.
Through these services, companies can offer their franchisees access to a network of lenders through the posting of a single loan request on BoeFly’s Internet-based loan exchange. BoeFly uses proprietary matching technology to connect franchisees with lenders and help them acquire the capital they need to open their businesses.
The partnership fits into CiCi’s strategic and sustainable growth plan for 2011.
“Franchise lending has been down by as much as 40 percent 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,” said Robert Tannenhauser, CEO of BoeFly.
CiCi’s Pizza has more than 600 restaurants in 35 states.