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BoeFly Exceeds $2 Billion Milestone on Internet Loan Exchange in Second Year of Operation(October 27, 2011)
NEW YORK, NY -- (Marketwire) -- 10/27/11 -- BoeFly, the premier online marketplace connecting small-business borrowers with lenders, announced today that over $2 billion in loan transactions have been posted since the inception of its internet loan exchange in March of 2010.
The $2 billion in loan transactions represent two types of transactions relating to small business lending: loan requests by small businesses seeking startup or expansion capital or to refinance existing commercial loans, and loan sales by banks seeking to increase liquidity.
There have been thousands of commercial transactions posted to BoeFly's loan exchange over the past year and a half, providing insight into the state of small business lending in the United States. For instance, the largest loan request so far is $25,000,000, and the smallest is $10,000. California, Texas, New York, Florida, and Georgia lead in loan requests. California's loan requests make up 14% of the total, and Texas' follow with 10%. Small businesses in the retail trade, accommodation and food services sectors lead all others in terms of loan requests posted to BoeFly. Average loan request amounts among different business categories range from fast food restaurants at $2.6 million to gas stations and convenience stores at $1.31 million. Even slaughterhouses are in the mix, with an average of $322,000, which surpasses the average BBQ restaurant loan request of $242,700. In the healthcare industry, general practitioners sought the largest loans at an average of $874,512, followed by dentists at $740,000 and eye doctors at $530,000.
"Reaching $2 billion in transactions posted on BoeFly is a significant milestone, but more significant is the assistance we have been able to render to hundreds of small businesses weathering this difficult economy and tight credit market," said Mike Rozman, co-president of BoeFly. "It is gratifying to know that we are playing a role in helping small businesses obtain financing, which is widely believed to be the cure to our nation's unemployment problem."
BoeFly is the only online marketplace harnessing technology to dramatically simplify the execution of commercial transactions, including all loan origination and sales. BoeFly revolutionizes how deals get done by seamlessly connecting all parties, including lenders, borrowers, investors, buyers and sellers to a potential transaction and facilitating the efficient completion of these transactions. For lenders, BoeFly also provides the ability to sell loans to investors freeing up liquidity for even more business lending. BoeFly is a subscription service and does not charge any transaction fees.
Key to the success of BoeFly is the site's dynamic compatibility technology which matches parties based on a specific set of criteria. Also, to help BoeFly subscribers complete transactions, BoeFly offers access to service providers in a wide variety of professions from appraisers, to closing attorneys, to environmental consultants.
BoeFly was founded by small business owners and small business lending experts with extensive banking and secondary market experience. The company is privately-held and is based in New York City. www.boefly.com.
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