The Definitive Guide to Getting a Business Loan with Biz2Credit

Thanks to the convenience and simplicity of online lending, many small business owners are now getting a business loan from an online lender instead of going to a traditional bank or financial institution. Although online business loans aren’t for everyone, fintech companies can help business owners secure financing from a range of sources including both online and traditional lenders.

At Biz2Credit, we’re glad that many of today’s business owners have found that getting a business loan or other financing with Biz2Credit is the answer to meet their business needs.

Biz2Credit is focused on making it easy for small businesses to get financing online. We do this in two ways: first by offering financing and loan options directly to our clients, and second by working with a network of lending partners that we can match small business owners to for the right funding options.

In this article, we’ll explain how Biz2Credit makes it easy for business owners to get a business loan online, and how we use technology to do it.

How Biz2Credit Helps Small Businesses Get Financing

At Biz2Credit, our focus every day is on helping business owners get the financing they need to keep their business growing. That’s why we’ve developed an online platform that is designed to match business owners with the right loan programs or business financing to meet their business goals, all powered by easy to use technology.

Biz2Credit offers financing products directly to businesses, such as our business term loan, revenue based financing and other commercial financing products. We are also partner with some of the top business lenders in the country, all of which are using our technology platform to power their own online business loan experiences. For example, one of the top five SBA 7(a) business banks uses our platform to offer SBA loans to their clients. So we can support business owners with access to all types of business loans, whether we provide that product directly or through a partner who uses our platform.

Our financing platform helps business owners navigate the eligibility requirements and financial statements or documents needed to get approved for a business loan. We are focused on making it easy for business owners to get through the loan application process and to understand their loan terms, so they can get back to business knowing that they have access to capital thanks to Biz2Credit.

How Does Biz2Credit Work with Lenders?

Biz2Credit isn’t like the private lending companies or alternative lending companies you may find online. Biz2Credit is the fintech company that provides the business lending technology that many major banks and other business finance companies use. Our mission is to improve small business lending for every American business owner. We use technology to empower entrepreneurs to find capital that works for their businesses. The company has partnerships with banks such as Popular Bank or First Savings Bank, which use the Biz2X platform to make loans to business owners.

While Biz2Credit is an online fintech platform, banks and lending companies using Biz2Credit’s technology are usually traditional banks or credit unions with a brick and mortar presence as well as checking account offerings and other business banking services like a business credit card or personal loans. That’s part of what makes these partnerships so beneficial for business owners. If they need fast financing, they can go to Biz2Credit or go to one of these lending partners. Either way, business owners can feel confident that the same powerful technology is making the process easy from start to finish.

Thanks to the company’s direct financing and financing partnerships, Biz2Credit can help business owners with many financing options. The variety of financing options Biz2Credit offers can provide loan amounts from $25,000 to as much as $6 million to small business owners. Biz2Credit’s direct business funding offers term loans, revenue based financing and other specialized financing options like a commercial real estate loan. The company provides access to other financial products through its network of lending partners which primarily include banks and similar financial institutions. Biz2Credit does not work with hard money lenders.

Is Biz2Credit a Legitimate Company?

Biz2Credit has received an average rating of 4.5 stars and above across four major review sites, including Google Reviews, Consumer Affairs, Trustpilot, and Best Company. On Trustpilot, a leading global platform that helps businesses collect customer reviews, the company has collected more than 15,000 positive reviews.

Biz2Credit Reviews

One of those positive reviews about Biz2Credit comes from Dev Pandey, who owns a chain of hotels in Phoenix, Arizona:

“I own a few hotels in Phoenix, Arizona. Our hotels have the perfect combination of the at-home feel without sacrificing any of the comforts. Keeping our rooms up–to–date is extremely important when it comes to keeping our customers happy. That’s why I partner with Biz2Credit.”

“See, when I needed to do a major improvement at one of my locations recently, I took out a business loan with Biz2Credit. They were able to fund me right away so I could get my project going. I always call Biz2Credit.”

Harry Singh of Lotus Marble and Granite in New Jersey also had a good experience with Biz2Credit:

“We are distributors of building materials for the past 25 years. We needed funding because the constant changes in the economy require us to have working capital on so many different levels. And we needed it quick to expand our fleet of trucks. So, my friends told me about Biz2Credit, and I decided to give them a call.”

“Biz2Credit was so much more personal than the banks. With my credit, I never thought that financing a new truck was a possibility. Biz2Credit made obtaining the new truck I had my eye on for years attainable and got it done quickly. Biz2Credit was more than able to provide us with our financing needs. They gave us the best tailor-made solution.”

“The process of doing business with Biz2Credit was extremely easy. They studied our operational cycle and finances very thoroughly. One thing that stood about Biz2Credit was that they were quick to respond and extremely patient. My revenue has gone up 100 percent since adding a new truck to my fleet. I would refer Biz2Credit to anybody who needs finding quickly and without any hassles.”

With these positive stories from other business owners in mind, many small business owners may wonder, “How do I get a business loan with Biz2Credit?” Let’s turn to that question next.

Getting a Business Loan with Biz2Credit

Biz2Credit has arranged more than $8 billion in small business loans and business financing. Small business owners can get approved for a Biz2Credit business loan as fast as 24 hours, if they meet all the eligibility criteria. Biz2Credit’s financing options help borrowers maintain their cash flow for expansion and other business needs.

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To get a Biz2Credit loan, small business owners must first complete an online profile. This profile is the first step in the Biz2Credit loan application process. It asks for basic information about the business. According to Biz2Credit and its customers, the profile takes a minute to create and the application is four simple steps online.

The next step is to upload financial documents that match the application. Usually this is just three to six months of business bank statements. Biz2Credit uses this information in the loan application process to verify and qualify the business for a loan or other type of financing.

There is no fee to apply and there is usually no impact to a business owner’s credit report because Biz2Credit does not run a hard credit inquiry for most applicants. Biz2Credit does consider a business owner’s credit score based on a soft pull, and also considers business credit scores when making loan application decisions. If approved, you can expect a simple business financing offer along with a summary of any fees required to issue funds.

Biz2Credit Interest Rates and Loan Requirements

Biz2Credit offers a business term loan to qualified applicants that apply online via our website. Term loans through Biz2Credit have interest rates that start close to the major interest rate benchmarks for business loans such as the SBA 7(a) loan program. Usually, highly qualified borrowers can receive the most attractive loan interest rates on these business loans, although they will not be lower than the rates on a secured loan such as an SBA loan.

Biz2Credit Term Loans

For small business owners who qualify for a term loan with Biz2Credit, term loan rates will vary depending on factors such as business owner’s credit score, business performance and other relevant business financial metrics.

The minimum Biz2Credit loan requirements for a term loan are a business with a primary owner that has a credit score of at least 660. The business must also generate at least $250,000 in annual revenue and must be in operation for at least 18 months. Although the Biz2Credit term loan has a minimum credit score requirement, poor personal credit scores do not necessarily prevent a small business owner from getting approved for small business funding with one of Biz2Credit’s other financing options.

Biz2Credit business term loans are unsecured business loans, which means that they do not require collateral to secure the loan.

Other Financing Products Available via Biz2Credit

Through a combination of direct offerings and partnerships that Biz2Credit has, business owners can also be matched with financing products such as SBA (7A) loans, invoice factoring, merchant cash advances and working capital lines of credit. Businesses will also need to meet minimum criteria to qualify for any type of financing provided by Biz2Credit, including a minimum annual revenue, credit score and time in business.

Rates and cost of capital will vary for all of these financing products. For a business line of credit, for instance, variable interest rates normally apply instead of the fixed rates on Biz2Credit’s term loan. The lender may also charge fees for opening the line of credit and maintaining it over time. Merchant cash advances and invoice factoring are based on a factor rate, not an interest rate. With products such as these, payment terms will also vary. Repayment terms can be weekly or bi-weekly instead of monthly, and payment amounts might change depending on a business’s revenue or its line usage. This is in contrast to traditional loans which require a large lump sum on a monthly basis and require the borrower to make regular installments, even if their business revenue goes down.

What is the Easiest Business Loan to Get?

Speed, convenience and ease are all things that business owners care about when looking for financing options. So it’s natural to ask, what is the easiest business loan to get? The answer can be different depending on the business and its goals or needs, but often a short term business loan will be easier than a longer term or government-backed loan, since short term loans typically don’t require as much paperwork or financial reporting.

It also depends on the type of credit that a business owner has when applying for the loan. A small business owner with bad credit may have more difficulty getting a business loan than a business owner with good credit. Sometimes a personal guarantee or some other collateral may be required to qualify the business owner for a loan, and even then it can come with higher interest rates due to the higher risk being assumed by the lender. But in the long-term benefits for the business of having financing, such as creating a positive credit history, can make the effort worth it in the end.

Is Biz2Credit an Approved SBA Lender?

Biz2Credit’s funding subsidiary was an approved SBA lender for the U.S. Small Business Administration’s Paycheck Protection Program (PPP) during 2021. The company was the number three provider of PPP loans in 2021 and the number one fintech provider of PPP loans overall in the program. However, since the end of PPP, the SBA has rescinded fintech licenses for SBA direct lending, so Biz2Credit and its subsidiary do not currently hold an SBA approved lender license. There is currently an effort being made to allow more fintech firms to become SBA lenders.

However, just like during the pandemic when Biz2Credit also allowed traditional banks and other lenders to use its PPP lending platform to process small business loans, the company partners with many SBA approved lenders who can help secure an SBA loan for qualified applicants.

Getting PPP Loan Forgiveness with Biz2Credit

As was the case with all lenders involved in the Paycheck Protection Program, PPP loans provided by Biz2Credit were eligible for forgiveness if the business had spent its funding from the loan on eligible expenses within the eight to 24-week period following the loan disbursement. This period if otherwise known as the “covered period.” The PPP program has since ended, and no new PPP loans are being provided. No other Biz2Credit loans or financing are subject to forgiveness.

Eligible expenses included:

• Payroll
• Business mortgage interest payments
• Business rent or lease payments
• Business utility payments
• Wages for qualified family leave for which a credit is allowed under the Families First Coronavirus Response Act
• And qualified expenses for personal protective equipment and necessary building renovations to ensure workspaces are compliant with safety requirements.

Next Steps for Getting a Business Loan with Biz2Credit

Now that you have a good understanding of the top small business financing options from Biz2Credit and the requirements, we hope you’ll turn to Biz2Credit for assistance with your business financing needs when you’re ready. At Biz2Credit, our number one priority is helping small businesses across the United States. Whether through assisting small businesses with acquiring loans or providing them with timely and relevant news pertaining to their individual industries, we are here for small business owners.

FAQ

1. What is the easiest business loan to get?

   For businesses that need money fast, the easiest business loan to get is a short term loan or a different type of financing that offers repayment flexibility such as revenue based financing. These types of financing are definitely easier than getting a than a longer term or government-backed loan. Short term business loans typically don’t need the same amount or types of paperwork to qualify. Usually 3-6 months of business bank statements are needed for qualification when you apply online.

2. What are the requirements to get a business loan from a bank?

   Banks are inclined to provide larger business loans and to prioritize applications from their existing deposit-holding customers. Some banks offer SBA loans, which come with a wide range of strict requirements to qualify including mandatory minimum credit score requirements and government-certified attestations about the nature of the business, use of loan proceeds and more. Biz2Credit helps business owners navigate the eligibility requirements and financial statements of these often complex loan applications in our easy to use lending platform.

3. Is it hard to get a business loan?

   Qualifying for a business loan can be easy or hard depending on your business’s unique situation. If your business is a startup or a new business, it may be hard to qualify for most financing options until you have at least six months of business history. This is because lenders need to know that your business can afford to make the loan payment every month. Creditworthiness for a business loan is driven by having a strong business, with good revenue and a good business plan for how you will use the funding to grow or improve your operations.

4. How do I get a business loan online?
   

   Getting a business loan or other financing online is relatively easy. First, a business owner usually compares online lenders and creates a financing profile with each one where they want to apply. Then, they usually need to fill out an application and provide financial documents to support their application. At Biz2Credit, this is usually a 4-step application online and the recent business bank statements showing the company’s revenues. Once a business owner is approved for financing, the final step is to review the terms and conditions and sign the loan agreement. Then funds are normally deposited directly into your chosen business bank account digitally.

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