Bizcap cracks $1 bill mark and adds LOC product
Small business lender Bizcap has cracked the $1 billion mark and rolled out a line of credit product.
Monday, June 24th 2024, 3:35PM
Bizcap says it sramping up its rollout of its new Line of Credit product, giving small to medium enterprises ongoing access to funds, without the need to apply each time.
“We are dedicated to continuing our mission of using open-mindedness to make a meaningful difference in the lives of small business owners, helping them achieve their goals," Bizcap Co-Founder and Joint Managing Director Zalman Blachman said.
Since its inception in 2019, Bizcap has expanded from Australia to New Zealand and most recently the United Kingdom, fulfilling on a mission to bring its lending solutions and customer service to SMEs across the globe.
Co-Founder and Joint Managing Director Abraham White said reaching this milestone is "a testament to the invaluable role brokers, advisers and aggregators play in our mission to empower small business owners."
"We have seen a surge in the number of deals coming through the aggregators that we’re on panel with as well as a rise in the number of aggregator deals in general. In addition, while our customer repeat rates remain as strong as ever, we are also witnessing growth in the number of new deals we are securing for businesses who are borrowing from Bizcap for the first time.”
“We remain committed to strengthening our partnerships with brokers, advisers and aggregators as we continue to make a meaningful difference in the lives of small business owners," he said.
Bizcap is making its line of credit widely available to SMEs both directly and via brokers and advisers, and expects to see a surge in funded deals in light of the new product.
“Business owners and brokers have been asking us for a solution that allows them to access funds whenever they need them, without the need to apply for a loan each time. Bizcap’s business line of credit affords them the flexibility and autonomy to access funds whenever they need them, and only pay for what they use,” chief revenue officer Rebecca del Rio said.
The product is designed to empower business owners to plug cash flow gaps, cover unexpected expenses, pay wages and suppliers and seize growth opportunities – all without having to apply for a loan each time.
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