Lender Portal FAQ
FAQ’s & Benefits
- What is Biz2Credit?
Since it was founded in 2007, Biz2Credit has arranged more than $1 billion in small business funding for thousands of companies throughout the U.S. Using the latest technology, our platform matches borrowers to financial institutions based on each company's unique profile -- completed in less than four minutes -- in a safe, efficient, price-transparent environment. Our network consists of 1.6 million users, 1,200+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. In 2011, Biz2Credit co-founders Rohit Arora and Ramit Arora were named "Entrepreneurs of the Year" by Crain's NY Business, and our widely reported Biz2Credit Small Business Lending Index is followed closely by the SBA, and the President's Council of Economic Advisors.
- With what types of financial institutions does Biz2Credit partner?
The financial institutions in Biz2Credit's network include FDIC-insured institutions, local and major banks, credit unions, wholesale lenders, commercial mortgage lenders, hedge funds, venture capitalists, Community Development Financial Institutions (CDFI), Community Development Banks (CDB), Certified Development Corporations (CDC), micro lenders, and others.
- How reputable is Biz2Credit?
Biz2Credit was ranked among 100 top emerging companies in the U.S. by KPMG in 2008 and was named the top financing resource by Entrepreneur magazine in 2009. With over $1 billion in funding, the company is recognized as the #1 credit resource for small businesses.
- How many lender financing options do borrowers receive?
Biz2Credit will match small business owners with as many as 80 to 90 financing options that they qualify for.
- How does Biz2Credit match lenders with small businesses?
Biz2Credit's loan engine collects basic information about the business's cash flow and asset strength to match the entrepreneur with a financial product within the general qualification potential. Lenders follow up with entrepreneurs to collect documentation to make any loan approval decisions. Meanwhile, Biz2Credit's system gives entrepreneurs the opportunity to get their foot in the door and survey the lending market.
- What criteria does Biz2Credit use to match small businesses borrowers with appropriate loan products?
Biz2Credit makes financial product and borrower recommendations based on the preferences and criteria of both the lender and the borrower. The sophisticated, patented algorithm analyzes the ability of the borrower and the business to make their payments and flexible enough incorporate various types of business structure and financing needs.
- How much does it cost lenders to join Biz2Credit?
Lenders join the Biz2Credit network at no charge for the pre-qualified leads that their loan officers receive. The financial institutions pay a small fee to Biz2Credit at the time a loan closes.
- How does Biz2Credit decide what leads to send to a lender?
Biz2Credit makes financial product and borrower recommendations based on the preferences and criteria of both the lender and the borrower. The patented algorithm is sophisticated enough to analyze the ability of the borrower and the business to make their payments and flexible enough incorporate various types of business structure and financing needs.
- How does Biz2Credit verify information entered by borrowers?
Biz2Credit's thorough application and verification process weeds out borrowers that are not serious. Though the large majority of self-reported figures have proven to be accurate, Biz2Credit has taken extra steps to validate the information entered into the system. Through the account dashboard, lenders can access D&B data of leads that pass through the system. Additionally, Biz2Credit is working with a credit rating agency to verify borrower details and histories.
- Where do Biz2Credit leads come from?
Biz2Credit started building a substantial small business community in 2007 by working with accountants, industry associations and service providers to provide credit education and access services. The majority of borrowing requests on www.biz2credit.com from business service providers looking to enhance their small business client's capital access. Dun & Bradstreet, the world's largest database of business information, refers small business financing requests to Biz2Credit. To become a partner with Biz2Credit and refer your clients, write to firstname.lastname@example.org
- How many lenders does Biz2Credit match prospective borrowers?
Biz2Credit is built to provide up to four loan product suggestions to borrowers. However, due to the sophisticated matching algorithm and thorough data analytical process, borrowers receive 2 to 3 options on average.
- What borrower information will lenders be able to view?
- How can lenders and borrowers share and receive documents?
Biz2Credit has created a collaborative environment that helps lenders and borrowers work together to complete the funding process. Once a prospective borrower creates an account and uploads documents, they will be able to share with lending institutions.
- How can lenders and borrowers communicate?
Biz2Credit provides an easy-to-use internal messaging system so that users can communicate with one another. Users can send a message to another user through the mailbox tab under the My Account tab. Additionally, if a user is matched with a lender or borrower, they will be able to access the basic contact information. Even easier: Lenders and borrowers can send messages by simply selecting the user, clicking "contact user" in the dropdown menu, and completing and sending the message form.
- How can lenders use Biz2Credit's system for existing small business clients?
Biz2Credit's loan engine is a flexible tool that lenders can use to prescreen financing requests from partners and existing small business clients. Lenders have the option of entering the lead into the system or directing partners or clients to Biz2Credit. Under the financing priorities in the loan application users can select to just include financial products from the lender's institution.
- Can lenders refer a business to Biz2Credit?
Absolutely. Lenders can take advantage of Biz2Credit's lender network to help service small business clients that are unable to get a loan with that particular institution.
- Is Biz2Credit a secure site?
At Biz2credit, web security is the main parlance and priority. Our experienced and dedicated team comprised of application developers, software professionals, quality analysts and security persons have taken care of all web security related issues. The main goals of our company, related with security are identifying all web application security classes of attack, organizing and properly management of these classes of attacks and articulating the security risks. Biz2credit takes the following measures to protect user information and activity:
1: Monitor crack attempts
2: Maintain a strong site backup process
3: Perform automated intrusion and manual intrusion detection
4: Stay current with security patches and upgrades
5: Proactively seek site vulnerabilities and SQL injections vulnerabilities
6: Use shell scripts to automate security tasks
7: Follow a logical and rigorous recovery process