Smoothie King Selects BoeFly To Assist Its Franchisees In Obtaining Bank Financing

Dec. 5, 2012 - PRLog -- New York, NY – BoeFly, the premier online marketplace connecting small business borrowers with lenders and a strategic ally of the International Franchise Association to expand credit access within the franchise community, announced today that Smoothie King, the premier smoothie and nutritional lifestyle center, has selected BoeFly to assist its franchisees in obtaining bank financing.

Nearly half (49.2%) of the respondents in a recent survey by the International Franchise Association (IFA) of its members identified “financing/access to credit” as the top issue of concern to franchise business leaders. In response to this concern, and bolstered by its success in helping many individual franchisees obtain financing, BoeFly created a portfolio of services for the franchisor market. Through BoeFly, they 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, assistance in creating an effective loan request, and support managing lender inquiries. BoeFly uses proprietary matching technology to connect franchisees with lenders that their loan package meets specific lending criteria, increasing franchise revenue by helping franchisees connect with the capital they need to open their businesses.

Smoothie King began with one man, Steve Kuhnau, altering his eating habits to remedy his allergies and low blood sugar. He experimented with blending real fruits, proteins and other vitamins, and in no time, his health improved. By 1973, Kuhnau turned his concoctions into a business and opened Smoothie King, a health food store selling vitamins and healthy drinks. In July 2012, Smoothie King Co-founders Steve and Cindy Kuhnau sold controlling interest of the Louisiana-based company to SK USA, Inc., headed by CEO Wan Kim. Today, Smoothie King operates more than 600 locations in the continental U.S., the Cayman Islands and the Republic of Korea.

“At Smoothie King, we aim to provide quality, nutritious alternatives to everyday unhealthy food choices,” said Smoothie King Global CEO Wan Kim. “With BoeFly’s service, our franchisees can focus on the quality of their products and services and worry less about financing their locations.”

“Today even top franchisors face a significant challenge – converting otherwise qualified franchisee candidates into ongoing, paying customers because of the difficulty they have accessing capital” said Mike Rozman, Co-president of BoeFly. “Franchise lending has been down by as much as 40% 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.”

About Smoothie King Franchises Inc.

Smoothie King is the premier Smoothie Bar and Nutritional Lifestyle Center in the industry. Smoothie King offers guests the original nutritional fresh-blended smoothie and healthy retail products, including sports beverages, energy bars, healthy snacks, vitamin supplements, herbs, minerals and other sports nutrition products. Smoothie King opened its first location in 1973 and started as the first franchised smoothie bar / health food store in the United States in 1989. Smoothie King currently has more than 600 units operating in 32 states, the Caymans and the Republic of Korea. In 2011 Smoothie King was ranked # 1 by entrepreneur magazine in the juice bar category for the 18th year, #70 overall on the 2011 Franchise 500 list and honored as part of the QSR Global 30.

Visit www.smoothieking.com; engage on Facebook www.facebook.com/SmoothieKing; follow us on Twitter at http://twitter.com/smoothieking.

About BoeFly

BoeFly makes it easier to obtain small business loans (http://www.boefly.com/) by reducing the time, cost, complexity, inefficiency and frustration associated with small business lending.  Its online proprietary matching technology connects small business borrowers with multiple lenders from among its over 2,400 participating banks, based on the lending profiles provided by the banks and the information provided in the borrower’s loan request.

Borrowers build a complete decision-ready loan request online using BoeFly’s exclusive “SmartForm” technology which, when completed, provides the information that over 2,400 lenders nationwide indicated to BoeFly they want to see before moving forward with a loan request. The SmartForm is easy to use and guides borrowers through the process. Once BoeFly’s matching technology identifies compatible lenders, borrowers then have complete control over which lenders can instantly access their loan request.  Using BoeFly, borrowers can connect with multiple lenders quickly and easily, providing a greater probability of obtaining a loan, as well as more favorable loan terms resulting from the creation of a competitive marketplace.   Lenders benefit by being presented with only those loan requests that fit their lending profile, dramatically lowering their cost and time of origination.   BoeFly is not a broker.  Borrowers pay a small one-time fee and lenders pay an ongoing subscription fee; BoeFly never charges transaction or referral fees.

BoeFly, now a strategic ally of the International Franchise Association to expand credit access within the franchise community (http://www.boefly.com/ifa.cfm), Franchise Solution brings these benefits to the large and growing small business franchisee community and is the choice of more than 125 brands including Dunkin’ Donuts, Carl’s Jr., Express Personnel and Kiddie Academy, among many others.

BoeFly’s Affiliate Solution is the financing exchange chosen by the Association of Small Business Development Centers, representing approximately 1,000 centers nationwide, which are funded in part by the U.S. Small Business Administration, to serve small businesses, and Franchise Gator, the leading site for information on franchise opportunities.

BoeFly was founded by small business owners and small business lending experts with extensive small business lending experience. The company is privately-held and is based in New York City. http://www.boefly.com.

Media inquiries:

Bill Fallon/ Keating Co. /212.925.6900/ bfallon@keatingco.com