How can one find the right borrower-lender relationship in the most efficient way? Accessing capital has never been easier in today’s digital marketplace, but the explosion of choices doesn’t mean businesses are getting the right capital. Mike Rozman joined The Financial Experience Podcast and discussed the evolution of BoeFly, a business financing marketplace, the franchisor lending model, and the unique impact COVID-19 had on the business.
As more small businesses applied for PPP loans during the pandemic, there was a distinct pressure to access capital. Mike and the team at BoeFly helped upwards of 4,000 business owners secure financing. We explore the obstacle of information overload that both consumers and financial institutions encounter when seeking the right lender. We discuss the importance of both a seamless digital experience for the consumer, as well as making meaningful connections with individuals.
Looking forward, Mike is excited for the interplay of technology and finance. He notes that the banks with smart investments in tech have made easier transitions online during the pandemic. He expects that these banks will “stretch their muscles” and provide more flowing capital to the marketplace.