BoeFly and the IFA join together to expand credit access
BoeFly and the IFA have entered into a strategic alliance to expand credit access to franchisees. Franchise lending has steadily increased over the last 12 months, according to the new monthly Franchise Lending Index from the IFA and BoeFly. The Index was announced today at the Small Business Lending Summit, a meeting of franchising, finance and policy leaders.
The IFA/BoeFly Franchise Lending Index is created from a monthly analysis and integration of both proprietary data from BoeFly’s marketplace and franchise loan data from the Small Business Administration (SBA). BoeFly’s data is collected in real-time based on the activity of more than 2,200 communities, regional and national lenders who use BoeFly to most efficiently source franchise borrowers. According to the Index, franchise lending experienced a growth of 10.56% between February 2011 and February 2012. “The Index confirms that access to credit in the franchise industry has achieved relative stability, a non-trivial achievement in the wake of the financial crisis,” said Mike Rozman, co-president of BoeFly.
While we’re very glad to see that franchise businesses are getting more access to capital, the industry is still facing a shortfall in lending that has limited franchise growth and job creation since the start of the recession,” said IFA President and CEO Steve Caldeira. “What gets measured gets fixed, and tools like the IFA/BoeFly Franchise Lending Index will help us continue to increase lending to franchising and create the jobs America needs.”