When it comes to financing small businesses, loans remain an important option. Biz2Credit simplifies the process greatly by removing the need to contact different institutions. With the new iPad app, companies can even get a credit score from Dun & Bradstreet in minutes. By partnering with 1,100 lenders, companies can get a clear view of their options and secure capital easily. So far, Biz2Credit has provided $750 million in loans.
Biz2Credit is all about providing a centralized interface to handle everything when it comes to business loans — evaluate your credit rating, explore options and get business loans. The company has applied big data principles for risk analysis of business loans.
With that amount of data, Biz2Credit attracts important institutions as well to get insights. According to the company, the White House President’s Council, the Federal Reserve and the FDA all turn to Biz2Credit to evaluate the current state of business loans.
Biz2Credit has released the BizAnalyzer app on Android and iOS. It allows you to get a credit score from Dun & Bradstreet, directly from your home. Today, the company has updated the iPad app. With that second version, BizAnalyzer can pull data from more sources, including the Internal Revenue Service, and put it all together in one place. The app gives an instant snapshot of your financials and indicates the chance of receiving funding.
Many different types of loans are available. But the typical startup loan ranges from 15 to 25 years. As long as you make less than $2 million a year and get approved, you will probably have more interesting terms than traditional loans from your existing business bank.
Thousands of applications are received every month. While it was founded in 2007, over the past 14 months, the amount of deals completed has greatly increased from $400 million to $750 million. It’s no surprise given the targeted market, companies that don’t receive VC money. In other words, the vast majority of the private sector.