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Launched in 2007, Biz2Credit is an alternative lending platform that offers direct financing for a wide range of small businesses. Since its opening, Biz2Credit has funded more than $3 billion in small business lending solutions. Biz2Credit's funding ranges from $25,000–$6 million.
The company provides a variety of funding options, such as working capital loans, SBA loans, lines of credit, real estate bridge loans, and traditional business term loans.
Keep reading to learn about the pros and cons of using the Biz2Credit platform or jump straight to Biz2Credit reviews from consumers.
Highlight: Biz2Credit's loan application process is secure and efficient.
The application typically takes less than four minutes to complete. Not worrying about a lengthy loan application makes the process to borrow money less time-consuming and less daunting.
You'll answer questions regarding your personal credit, time in business, cash flow, and annual revenue and Biz2Credit will analyze your industry and corporate risk levels. Your credit history is of utmost importance so you'll want to take care of any issues on your credit report until your score improves prior to your application. Your FICO score is comprised of inquiries, debt usage, payment history, credit age, and account mix.
The required documentation varies by loan type, but in general, you'll want to have the following documents ready when you apply for business funding:
Biz2Credit strives for a quick and easy financing process. Once your loan application is complete and you submit the necessary documentation, you can receive funding in as little as one business day.
Biz2Credit offers financing options from $25,000 to $6 million. Lending amounts will depend on the business and its qualifications, but it's convenient that Biz2Credit provides a wide range of loan amounts to appeal to many types of borrowers with differing needs.
Biz2Credit strives to help business owners find funding that fits business goals and their financial health. Because of this, Biz2Credit has simplified the funding process with financial products flexible enough to meet the needs of today’s business owners. Financial products include a term loan, working capital financing, and commercial real estate financing.
• Loan amounts up to $250,000
• Rates from 9.99%*
• Get approved within 24 hours
Popular reasons to seek Term Loans:
• Grow your business
• Access to full cash amount upfront
• Use for a broad range of business needs
• Free up operational cash flow
• Benefit from tax-deductible interest
• Funding amounts starting from $25,000
• Rates as low as 14.99%
• Get approved within 24 hours
Popular reasons to seek Working Capital:
• Cover one-time expenses
• Hire staff
• Buy equipment
• Pay down operational costs
• Purchase inventory
• Loan amounts up to $6,000,000
• Rates from 10%
• Qualify within 48 hours
Popular reasons to seek Commercial Real Estate Loans:
• Reinvest in next business
• Acquisition of a new business
• Fund a renovation
• Refinance business liabilities
A merchant cash advance is a good funding option for a business that wants to expand its operations but has had its cash flow interrupted. This type of financing option is fast, open to candidates with poor personal credit, and has payments structured in correlation with the health of your business.
Since the loan amount is based on future sales or receivables, there is no fixed payment schedule, loan term, interest rate, or APR. Instead, your total repayment amount is based on a factor rate applied to the amount paid for your business receipts. Therefore, it can be more expensive than other types of loans. But many small business owners find the benefits worth the cost, especially if they do not qualify for other loan types.
In light of the economic hardship experienced by many small businesses during the COVID-19 pandemic, Biz2Credit facilitated Paycheck Protection Program loans through the SBA. While the program has been discontinued and this loan product is not currently available, the company is equipped to facilitate PPP funding should the program be extended and reopened for further applications. In the meantime, Biz2Credit's has a PPP Loan specific resource hub for the preparation of prospective borrowers and for borrowers seeking help with PPP loan forgiveness.
There are other SBA loan alternatives to the PPP loan, including the following:
Biz2Credit provides financing to businesses in a variety of different industries:
• Restaurants
• Retail
• Gas stations and liquor stores
• Attorneys and CPAs
• Motels and hotels
• Any businesses in public administration
• Doctor and dentist offices
• Commercial and residential real estate businesses
• Construction
• Car dealerships
• IT and services
• Business and professional associations
• Social and nonprofit organizations
• Financial services
• Grant making foundations
• Holding companies and management companies
• Independent artists, writers, and performers
• New and used automobile, ATV, RV, boat, and motorcycle dealers
• And many others
Biz2Credit states on its website that for the majority of non-banking financing options, you will pay an underwriting fee of $250 to $400. For banking financing, Biz2credit charges a loan origination fee. However, the fee varies based on the loan type, amount, and multiple other factors.
Although Biz2Credit charges an upfront fee for its loan products, this is common for most financial institutions. If you want to know the exact fees, you’ll need to reach out to Biz2Credit for a quote.
Besides closing fees, Biz2Credit doesn't charge any other upfront or hidden fees. You’ll only pay a fee after loan approval and once the financing process finalizes. Biz2Credit also provides an individual written agreement regarding the closing fees to be as transparent as possible.
Biz2Credit does not list on its website all of its loan requirements, such as revenue requirements. However, the lender does note that it prefers established businesses that are profitable with two or more years in business and a solid credit history and score. Biz2Credit does offer startup loans to certain businesses.
With more than a decade of experience, Biz2Credit is an excellent choice for business financing.
As the company is not a direct lender, Biz2Credit acts as an online marketplace that provides the small business owner with a nationwide network of lenders to easily offer quotes and pre-qualifications to prospective borrowers seeking a small business loan.
The company has a wide range of loan options so customers have multiple products to choose from. Biz2Credit offers quick funding within 24 hours and a simple loan process, including an application that takes less than four minutes to complete.
Many reviewers speak highly of the company's efficiency in facilitating the Paycheck Protection Program application and disbursing PPP funds through its SBA approved lender network. If you're interested in learning more about this small business funding company and how it compares to other loan service providers, you can read Biz2Credit reviews for yourself below.
Spend less time worrying about working capital and more time taking on the world, with Biz2Credit.
At Biz2Credit, we provide direct funding to small business owners because getting funding for your successful business shouldn’t be complicated.
Biz2Credit will deliver the right funding you need — fast. Our confidence comes from our deep experience, our partnerships with name brand companies, and our strong reputation — through good economies and bad.
And for us, it's not just about connecting entrepreneurs to the financing they need now. It’s about connecting entrepreneurs to opportunities that can build a legacy.
Business Funding Options: Working Capital, Term Loans, Business Loans, Commercial Real Estate (CRE) Loans, SBA Loans.
Education and Support for Business Owners: Visit the Biz2Credit COVID-19 Resource Hub, the COVID-19 Webcast Center, or check out the Business Toolkit on our website for helpful tools and information to get your business ready for financing.
Biz2Credit — Funding What's Next
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Nov. 17th, 2021
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Feb. 23rd, 2022
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Berthalla Stokes Chicago, IL
2 months ago
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