Biz2Credit matches small business borrowers to over 1,200 lenders.
Small business owners visit Biz2Credit to use apply for loans and other types of funding including: bank loans, lines of credit, working capital, equipment loans, invoice loans, credit card loans, microloans and other types of small business loans.
It is a technology platform combined with personalized human service. This is a great service for small businesses that need capital to expand, to meet expenses, to fund new purchases of equipment, to hire staff or to otherwise operate.
Key Biz2Credit Features
By completing one application your business potentially gains access to more than 1,200 lenders. A Biz2Credit loan specialist will discuss your pre-approval options and help you select the best fit for you and your business.
For an additional fee Biz2Credit will help you write a customized business plan. There are three business plan options:
- Micro Loan plan – for loans up to $250,000. Includes business plan with one year financial projections, one month free case manager support, and one month free Paychex payroll services.
- SBA Business Plan – for loans between $250,000 and $1 million. Includes business plan with one year financial projections, one month free case manager support, one month free Paychex payroll services, and a free credit report from Equifax.
- Business Acquisition Plan – for loans between $1 million and $5 million. Includes business plan with one year financial projections, one month free case manager support, one month free Paychex payroll services, and a free credit report from Equifax.
The additional option of a customized business plan is also a big help. It will cost you, but writing a business plan can be daunting.
Biz2Credit also offers various free tools and services. The BizAnalyzer scores your business’s financial health; helping give a clearer picture of where your finances stand, what affects your loan chances the most; and likelihood of qualifying for a loan. Financial calculators help you figure loan payments, equipment and inventory value, debt-to-income ratio, and more.
A huge plus with Biz2Credit is the large number of lenders and funders. There’s also the fact that the process makes good use of technology. This brings four advantages:
- Wide choice — As the borrower, you have far wider choice than visiting a single lender or your local bank. In fact, for all you know, your local bank may be one of the lenders that Biz2Credit matches up with business borrowers.
- Convenience and efficiency — To be able to go to one place and fill out one application is a huge benefit. You save time and avoid running around. There’s a place to keep your loan documentation online, in case it is needed in the future or for multiple fundings.
- Speed — Because so much of the process is automated and streamlined, you often can get a response to your application in hours, versus days or weeks.
- More likely to get a “yes” — The chance of getting a “yes” on your loan request is much greater than visiting one lender of two or three. Every lender has different program requirements and underwriting standards. Just because one says “no” doesn’t mean others will. With so many funding options, you increase your odds of success.
Biz2Credit is more than a technology platform. There also are real live human beings there able to assist you. You can speak or communicate with a small business loan specialist by phone, email or chat window.
Pricing for small business loans is not indicated up front and you see limited loan terms until you get started on the application process. So it’s not like you can just “shop around” on the site.
Some may consider this inconvenient. However, when you consider that business loans tend to be more customized depending on the type of loan requested and the business’s circumstances, it’s to be expected. It will just take more of your time and it means you have to get started on the loan process first.
If you prefer to meet with someone face to face about a loan, then this online approach may take some getting used to.
Who is Biz2Credit Best For
Biz2Credit is ideal for small business owners looking for business capital, who are looking for a fast response. It’s perfect for business owners who do not currently have a lender relationship, and are not sure what is out there or what their options are. It makes it easy to explore many different kinds of funding.
It’s also a good resource for those who may need multiple fundings, as the platform houses loan documentation and the breadth of offerings brings wide choice.
It’s good for businesses in just about any industry, and of any size. Few businesses are too small for Biz2Credit to help. Your business can have well under $100,000 in annual sales, and you won’t be looked on with disfavor.
Overall, Biz2Credit is a great financial resource that can help lighten your load when you need money.