Home > Franchise News >
Know What You Need For A Loan (And How Likely You Are To Get It)
The steps to buying a franchise are a lot like buying your first home. You figure out where you want to live, how much you need to borrow, and then you find a bank that will provide you with a prequalification letter so sellers take you seriously.
Much like real estate sellers, franchise brands will take you more seriously if you can do step 3—show proof you’re likely to get a loan. Boefly, a company that matches prospective franchisees with lenders, offers a new tool that helps you to do just that.
The bQual tool allows franchise candidates to access their small business credit score and consumer credit score used by lenders and the Small Business Administration to pre-screen themselves for a loan. Each bQual report also gives potential franchisees an indication as to the likelihood of their receiving financing and, where applicable, loan prequalification offers from BoeFly’s 3,600 participating lenders.
It’s completely secure, confidential (lenders don’t receive any identifying information about you), and eliminates a huge question in the franchise buying process: Can I get a loan? The cost of the your report is $79, which is refunded to you if you select a lender through BoeFly.