Biz2Credit is an online marketplace for small business funding. Since it was founded in 2007, it has arranged over $1.5 billion in small business loans. The network has over 1.6 million users and more than 100 lenders.
Biz2Credit has an A+ rating with the BBB, and its Small Business Lending Index is widely used by government and private analysts of the small business financing sector.
How Does Biz2Credit Work?
Biz2Credit is an online small business platform that connects business owners and lenders. Borrowers only need to complete one free loan application to receive offers from lenders. The marketplace allows borrowers to apply and fund loans in a safe and transparent environment. Lenders get access to credit rating agencies (Dun&Bradstreet and Equifax) and borrowers only need to complete one profile to gain access to 100+ lenders.
Biz2Credit offers a wide selection of business financing products. These include microloans, SBA 7(a) loans, working capital, equipment loans, merchant cash advances, and asset-based loans.
What Are Biz2Credit Interest Rates?
Interest rates vary widely depending on your business’ (and personal) financial information and the loan product you choose. Merchant cash advances, for instance, have APRs ranging from 15% APR all the way to triple digits. SBA 7(a) loans have rates (as of December 2016) of 5.75% to 8.25% APR.
How Much Money Can I Borrow From Biz2Credit?
Biz2Credit arranges business loans of $5,000 to $5 million. Your maximum loan amount is determined by a wide range of factors. Typically, borrowers receive 75% to 125% of their businesses’ monthly deposits. For instance, if your construction company deposits $100,000 a month and you meet all other eligibility requirements, you could receive a loan of $75,000 to $125,000.
Which States Does Biz2Credit Operate In?
Biz2Credit operates in all 50 states.
What Is Biz2Credit Application Process Like?
The application form took me 10 minutes to complete. The form requires your full name, address, business financial information, such as time in business and annual revenue, and personal information, such as your credit score and monthly income.
The platform allows you to either connect your business bank account directly to Biz2Credit or upload bank statements manually. If you link your business accounts, you can receive a selection of business loan offers within a few hours. Once you complete the loan, you are assigned a loan officer that will contact you by email and answer any questions about the funding process.
How Is Biz2Credit Better than Other Lenders?
- You can apply to multiple lenders by creating a single profile.
- Access to 100+ lenders.
- Has a wide range of financing products.
- Business owners with poor credit are considered.
- Flexible repayment terms (daily, weekly, monthly)
- Option to mix and match products (e.g. you can have a long-term loan and a cash advance for payroll)