Bizcap Funds $1 Billion in Small Business Loans, Ramps Up Line of Credit
Bizcap, the most open-minded lender in Australia and New Zealand, has reached the incredible milestone of funding $1 billion in loans for small business clients.
It comes as the cash flow lender ramps 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.
"Reaching this milestone is a moment of pride for both myself and the other senior leaders at Bizcap, as we witness the impact of our dedication to saying ‘yes’ more often to small business owners, empowering them with lending solutions at times of exciting growth or financial need,” says Bizcap Co-Founder and Joint Managing Director Zalman Blachman.
“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," he adds.
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 award-winning lending solutions and customer service to SMEs across the globe.
On reaching $1 billion in origination, Bizcap Co-Founder and Joint Managing Director Abraham White added: “This achievement 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.
Business Line of Credit
Following a successful Beta phase, 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,” says Chief Revenue Officer Rebecca del Rio.
Retailers have utilised Bizcap’s Business Line of Credit to make quick stock purchases, builders have used it to pay import duties on building materials, and childcare facilities have dipped into funds to pay salaries between government grants. Others have used it to plug cash flow gaps pending asset settlements and large bank loans.
“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. They simply log in to their portal, make the draw down and get on with business,” says Chief Operating Officer Adam Szental.
Brokers and advisers can learn more about the Business Line of Credit by contacting their Bizcap Business Development Manager or partnering with us at bizcap.com.au/partner-up in Australia and bizcap.nz/partner-up in New Zealand.
About Bizcap
Bizcap is the most open-minded lender in Australia and New Zealand, dedicated to providing fast and flexible business loans to small and medium-sized enterprises. We can approve loans of $5K to $5M in as little as 3 hours without up-front credit checks, and fund them in as little as 24 hours. Since the company’s inception in 2019, Bizcap has empowered SMEs with more than 23,000 business loans totalling more than $1 billion, whilst retaining a 4.9/5 Trustpilot rating. With our award-winning products and customer service, we are one of the foremost FinTechs in our field. For more information, visit bizcap.com.au.
