Bringing forth the emotional connection.
Business Financial Services established itself as an early innovator in the fast-growing category of technology-enabled financing for small businesses. The 2008 financial crisis resulted in new banking regulations, restricting “traditional” lenders, such as community banks, from lending to small businesses that lacked the necessary collateral. With this new opportunity came aggressive competition. Partially-owned by the private equity firm, Edison Partners, Business Financial Services sought to reposition the organization and differentiate the brand in the marketplace to take advantage of new business opportunities.
BUILDING ON EXPERTISE
“Fast and Easy” were the common catchwords and promises used by competitors in this new industry. Automated online forms backed by technology had become common place. An “Approved/Denied” reply was delivered in minutes as the industry took on a cold, impersonal approach to risk. Business Financial Services was founded by entrepreneurs who understand the challenges of small business owners. Accordingly, they had built their business on the expertise of a team of underwriters who skillfully evaluated each business, the inherent risk and the need for capital, and worked closely with business owners to become the only firm capable of funding up to $2million.
CHAMPIONING THE ENTREPRENEURIAL SPIRIT
Many new names were developed and considered to replace Business Financial Services, however, it was clear from research that the informal use of the initials ‘BFS’ had established awareness and respect in the world of business lending. By formalizing BFS and adding the modifier ‘Capital’ it captured the familiar and, at the same time, added a dimension of stature and meaning, enabling the company to tell a new, powerful story. We developed a brand positioning that avoided the generic “fast and easy” trap to focus on a bigger, more emotional idea – ‘Champions of Small Business.’ The BFS Capital team take genuine pride in helping to fund the backbone of US economy. It believes the entrepreneurial spirit is what makes America great. Using the brand as a unifying integration tool, the company consolidated its many acquisitions under the BFS Capital brand. The brand was introduced in September, 2015, signaling a clear vision for the future, a distinct point of difference from the competition, and most importantly, a promise to its target audience that resonated with its highest aspirations and deepest business needs.