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New and current small business owners can secure their small business credit score used by lenders and the Small Business Administration, along with extensive educational information and loan prequalification offers.
New York, NY (PRWEB) February 24, 2014
BoeFly, the premier online marketplace connecting small business borrowers with lenders, today announced the launch of bQualTM, an unprecedented business lending tool.
Existing and prospective small business owners can access their bQual Report, which includes a statistically valid small business credit score, a consumer credit score, educational content explaining the scores, as well as insight into why they scored the way they did and how lenders typically view the score. bQual, with its patent pending technology, is exclusively available online at bQual.BoeFly.com and can be securely accessed from iPads, tablets, smartphones and computers.
In addition, the bQual Report may contain loan prequalification offers from one or more of BoeFlys 3600 participating lenders, or an indication as to financing likelihood. No lender will have access to the business owners identifiable information until the owner grants access, thereby preventing unwanted calls.
bQual was created for the busy small business owner who seeks clear answers to their most pressing questions about financing: What information do lenders look at to decide if I can get a loan? How do I compare with other borrowers? Can I be prequalified for financing or get a real indication of my likelihood of obtaining financing? Can I do all this now prior to providing all the information that will ultimately be required by a lender?
BoeFly established a special relationship with FICO and Equifax in order to make bQual a reality. FICO, a leading predictive analytics and decision management software company, provides the FICO LiquidCredit® Small Business Scoring ServiceSM (SBSSsm), a web-based instant credit solution, as part of bQual. Equifax, a leading credit bureau, provides the technology to authenticate every bQual user and is the exclusive provider of consumer and business credit bureau data to bQual. Beyond these important data and scoring partners, BoeFly leverages other key data including its own proprietary database of lender preferences from more than 3600 lenders to produce the bQual Report.
We built bQual to address the questions weve heard from some of the thousands of business owners that have used BoeFly since we launched in March of 2010 Can I get real-time information and insight before I start the search for financing, said Mike Rozman, Co-President of BoeFly. With the help of FICO and Equifax were solving a long pressing issue in the small business community.
One of the keys to success for small businesses is being able to obtain credit quickly and at favorable terms, said David Vonk, Vice President at FICO. Since we launched our small-business scoring program in 1993, we have seen the tremendous benefits it can bring, helping small businesses get credit faster and with less paperwork. BoeFlys bQual takes this to the next step: helping business owners understand how lenders see them, just as we provide credit scores and information to consumers through myFICO.com and the FICO Score Open Access program. This is a major advance for American businesses.
I applaud BoeFly on the launch of bQual, said Bob Coleman, Publisher of the Coleman Report. The ability for a small business owner to secure their own small business credit score comes on the heels of a new Small Business Administration rule requiring all loans under a certain dollar amount to receive a FICO LiquidCredit SBSS score. Applications scoring below 140 are required to receive more extensive underwriting. All small business owners seeking financing are well served to get their bQual before fully applying for a loan.
BoeFly has also created a special version of bQual to meet the needs of franchisors and their current and future franchisees, known as ZeeQualTM. Jakes Wayback Burgers, an 80 unit franchise brand, is just one of the fast growing brands incorporating ZeeQual into their new franchisee process. The number one question we hear from our franchise candidates is, Am I fundable? said John Eucalitto, CEO of Jakes Wayback Burgers. ZeeQual is exactly the solution our franchise candidates need to ease anxiety about financing. I expect BoeFlys ZeeQual to transform the franchise development process for us and the industry.
The IFA has been proud to partner with BoeFly in a strategic alliance since early 2012, said Steve Caldeira, President & CEO of the International Franchise Association. Knowing BoeFly and the very talented executive team as well as I do, I expect bQual to be a valuable tool for both existing and prospective franchisees seeking financing education.
bQual is also an important innovation for lenders looking to engage with prospective borrowers earlier in the process. My bank is actively seeking out quality business owners, said Doug Cullinan, SVP of Cornerstone Bank in Atlanta, GA. As an active player on BoeFlys loan marketplace I am delighted at the opportunity to prequalify prospective borrowers early in their search. And Ill be able to do just that thanks to the independent data and scores featured in bQual.
Existing and prospective small business owners can access their bQual at bqual.boefly.com and franchise brands can learn more at http://www.ZeeQual.com.
BoeFly is the industrys only on-line matching platform connecting small business borrowers with multiple lenders from among its more than 3,600 participating banks and specialty finance companies. By using BoeFlys proprietary matching technology, borrowers have a greater probability of obtaining a small business 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 a strategic ally of the International Franchise Association, with the objective being to expand credit access within the franchise community (http://www.boefly.com/ifa.cfm), and is the choice of more than 125 brands, including Dunkin Donuts, Carls Jr., and Kiddie Academy.
Founded in 2010 by small business owners and small business lending experts, BoeFlys marketplace has accommodated over $3.5 billion in transactions. For more information, visit http://www.boefly.com.
FICO and LiquidCredit, Small Business Scoring Service and SBSS are service marks, trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.
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