Frequently Asked Questions
If you are wondering about anything related to Biz2Credit financing, you've come to the right place. Below are answers to many of the most common questions that business owners have about financing with Biz2Credit.
What is Biz2Credit?
Founded in 2007, Biz2Credit is an online small business funding platform connecting business owners directly with a range of funding options and products that fit their needs. Biz2Credit connects borrowers with credit solutions based on online profiles that can be completed in less than four minutes in a safe, efficient, price-transparent environment. We've provided over $7 billion in small business loans and financing for more than 200,000 companies, Biz2Credit is widely recognized as the number one credit resource for small businesses.
What types of loans can I find at Biz2Credit?
Biz2Credit provides numerous financing products for small businesses, including term loans, working capital and CRE loans. In addition, Biz2Credit funding specialists can arrange term loans, SBA loans, traditional bank loans, business lines of credit, equipment financing, business acquisition loans, commercial real estate loans, refinancing and merchant cash advances for small business owners. Additionally, there are special lending programs available through Biz2Credit for women-owned, veteran-owned, and minority-owned businesses. Please note that not all financing products available through Biz2Credit are classified as loans.
What interest rates do you charge? What are the payback terms?
Interest rates and terms in connection with financing for your business will depend in large part on credit history and how quickly a business owner needs money. Starting rates for Biz2Credit funding products can be found on our financing overview pages. It is also important to understand the difference between APR, interest rates, factor rates, and other similar methods of describing the cost of financing. You can view more details on each of these in the Biz2Credit Financial Glossary. SBA loans and traditional bank loans generally offer the best interest rates and the longest amount of time for repayment. However, for borrowers who need money quickly, other funding options such as working capital or interest-only bridge financing are available. These deals close more quickly, but the rates or fees are generally higher than financing that requires greater qualifications. For a snapshot of your own company's finances try using Biz2Credit's BizAnalyzer Virtual CFO tool. It provides a free financial checkup and can inform what type of financial product you can qualify to receive.
How quickly can I receive financing?
Biz2Credit helps business owners by getting them access to funding as quickly as possible. With the appropriate information and documentation available it is possible to secure funding in as little as 24 hours. Business owners should make sure they provide all required documentation to ensure their application can be processed as quickly as possible. We take your privacy very seriously. All your information is managed securely, for more information see our privacy statement.
Are there application fees? Or fees for using the business tools on the site?
You only pay a fee for working with Biz2Credit if your financing transaction closes. There are never any application or submission fees for creating and submitting a financing application with Biz2Credit. There are also no fees for using any business tools on the site such as the BizAnalyzer Virtual CFO or the Financial Calculators.
Are there other fees I will pay to Biz2Credit?
Yes, there are fees at the time of closing financing on Biz2Credit’s platform. For most Biz2Credit financing products, you will pay an underwriting fee (typically $250-$400 depending on deal size), payable at the closing of the transaction. For any bank financing products offered through a funding specialist, you will pay a closing fee to Biz2Credit when the transaction closes. The amount of the origination or closing fee will depend on the size and type of transaction and other factors. For certain commercial real estate loans, you will pay an origination fee at loan closing.
Is Biz2Credit compensated by the lender?
Funding products that Biz2Credit directly funds are issued through Biz2Credit’s funding subsidiary. Biz2Credit receives compensation from the investors who are partnered with the funding subsidiary to issue these loans and financings. When Biz2Credit funds an application that is approved through a third-party, Biz2Credit is compensated by lenders and other funding providers upon the closing of the underlying loan or financing. The amount of this fee depends on the size and type of transaction and other factors.
What are your fees?
Registration is free and you will pay an underwriting fee (typically $250-$400 depending on deal size) only if you get funded. Biz2Credit does not charge any hidden fees.
What is the maximum amount of money I can get from Biz2Credit?
Biz2Credit can arrange funding for amounts between $6,000 to $6,000,0000 -- all from one simple online application. Business owners can take multiple rounds of financing from Biz2Credit over time, as long as they qualify. Many companies secure multiple loans or financings and grow their businesses through our platform.
How long does the process take before I get funding?
The funding process can take as little as 24 hours with direct funding products. When applying for an SBA loan through a Biz2Credit funding specialist, the process can take approximately four weeks, as this type of loan requires more documentation than other types of loans and involves more kinds of revision and authorization compared to non-government backed financing.
Is Biz2Credit a lender?
Biz2Credit is an innovative direct funding provider to small businesses. We use a unique business funding platform that we have built to handle the processing of funding requests from our small business owner clients. The company operates through multiple wholly owned subsidiaries for different parts of the small business financing process. Biz2Credit Inc. is not a lender. Itria Ventures LLC, a wholly owned lending subsidiary of Biz2Credit Inc., is a licensed lender in multiple states. If you take financing with Biz2Credit, you will see the lender of record reflected on your funding offer documents and disclosed in the terms and conditions. Biz2Credit also has relationships with leading banks and financial institutions that may also issue loans via the Biz2Credit funding platform. All terms and conditions and credit decisions are at the sole discretion of the lender, including Biz2Credit's wholly owned lending subsidiary. Financing products on the Biz2Credit funding platform are offered for commercial uses to businesses only. Other terms, conditions, fees, and restrictions may apply.
What businesses are eligible to submit a loan application on Biz2Credit?
Typically, Biz2Credit recommends that established businesses that have been in operation for 2 years or more, show consistent profit, and have a solid credit history apply for financing. However, loans and financing are available to some entrepreneurs who are in the beginning stages of their ventures. If your business has been generating revenue for at least 6 months, you may be able to secure financing by applying with Biz2Credit.
How secure is the Biz2Credit site?
Security is a top priority at Biz2Credit. An experienced team of software engineers, other software professionals, quality analysts, and security experts oversee all web security on the Biz2Credit funding platform. Biz2Credit maintains a SOC-2 certified engineering system to ensure the highest level of availability and security of our clients’ data possible. We maintain a strong and periodic backup process, perform automated intrusion detection, monitor and deflect hacking attempts, and stay current with all necessary security patches and upgrades as they are released.