CKE Restaurants Inc. 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 by posting a single loan request on BoeFly’s Internet-based loan exchange. BoeFly uses proprietary matching technology to connect franchisees with lenders to help them acquire the capital they need to open their businesses.
CKE Restaurants Inc. operates Carl’s Jr., Hardee’s, Green Burrito and Red Burrito, with more than 3,000 locations in 43 states.
“BoeFly allows our franchisees to get funding efficiently by expanding their reach to targeted, qualified lenders,” said Ned Lyerly, EVP global franchise development of CKE Restaurants. “With the numerous capital requirements facing our franchise community today, we believe BoeFly will help accelerate our remodel, co-branding and new restaurant development initiatives.”
Texas-based CiCi’s Pizza also recently implemented BoeFly’s technology for its franchisees.
