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The lender has reached a new milestone as it rolls out its Line of Credit offering.
Small- to medium-sized enterprise (SME) lender Bizcap has announced that it has funded $1 billion in business loans.
Bizcap’s co-founder and joint managing director Abraham White said the milestone is a testament to the role that brokers, aggregators, and advisers play in the lender’s mission to support SMEs.
White said that Bizcap has seen a significant increase in the amount of deals coming through aggregators and has noticed growth in the number of new customers coming to the lender for business loans.
The co-founder said: “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.”
Zalman Blachman, Bizcap’s co-founder and joint managing director, said that the senior leadership team was proud of the accomplishment.
Blachman said: “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.
“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.”
White echoed similar sentiments, stating that Bizcap would remain committed to its partnerships with aggregators, brokers, and advisers and to make a “meaningful” difference in SME owners’ lives.
Bizcap expands its product line
The lender has ramped up the roll-out of its Line of Credit offering following a beta phase, with the product now available to SMEs through direct and third-party channels. Bizcap said that it expects to see a “surge” in funded deals as a result of the new offering.
Bizcap’s chief revenue officer Rebecca del Rio commented on the new offering: “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.”
Adam Szental, the lender’s chief operating officer, said that the product was designed to plug cash flow gaps, pay wages, cover unexpected expenses, and drive business growth without having to apply for a loan each time.
He said: “They simply log in to their portal, make the draw down and get on with business.”
[Related: Bizcap tranforms credit team]
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