Established in 2007, Biz2Credit has successfully arranged over $7 billion in funding. Biz2Credit provides direct funding to small businesses through a lending subsidiary, Itria Ventures LLC. The three main business loans it offers are commercial real estate (CRE) loans, working capital loans, and term loans. The company’s main goal is to help small business owners succeed by making their finances work more effectively for them. So far, they have worked with more than 225,000 small businesses.
Biz2Credit in a nutshell
|Minimum credit score||
|Lender type||Direct lender|
Biz2Credit is Good For
- Already established businesses with at least 6 months’ growth and consistent revenues averaging out at $100,000+ annually.
- Borrowers with great credit who need a variety of financing options with flexible loan terms and amounts.
- Consumers who would benefit from working with a funding specialist to choose the best loan products or other forms of financing.
Biz2Credit Pros & Cons
- Directing funding available within 24 to 72 hours
- Transparent terms and no registration or application fees
- Easy approval process with great guidance throughout the entire financing process
- Multiple forms of financing available, including small business loans, business lines of credit, and business acquisition loans
- Certain fees are in place.
- The website does not provide a lot of information.
Biz2Credit makes applying for a business loan on their website easy. They have one straightforward loan application that they use to determine the best financing options for you.
The first step is to create an online profile, which takes about a minute to complete. Simply click “Apply Now” on their main website and fill in some basic information. This includes:
- Desired loan amount for your business
- Purpose of the funds
- Expected length of time you’ll need the funds
- Your full name and contact information
- Business’ annual revenue
- How long you’ve been in business
- Your current credit score
From there, click “Start Application” and follow the prompts on the screen. The application is broken up into four sections, each of which takes around a minute to complete. You’ll need to fill out a brief questionnaire and upload the appropriate documentation for your business in PDF form. Required information includes:
- Business’s legal name, alternative name (if applicable), address, contact information, and start date
- Whether your business is part of a franchise
- Applicant’s position in the business and contact information
- Legal structure of the entity (ex. sole proprietorship, corporation, or non-profit corporation)
- Main industry and sub-industry
- Federal EIN number or tax number
- Average annual revenues and operating expenses
- Any other owners or part owners of the business, as well as their contact information
Next, you’ll be asked to provide business bank statements or connect your business’s bank account to receive funding. When that’s done, read through Biz2Credit’s terms and conditions and accept a credit authorization. Applying does require a hard credit pull, so keep that in mind.
It takes around 24 hours for Biz2Credit to verify your information and find the best financing solution for your business. Most borrowers receive funds within 72 hours of applying.
Terms & Requirements
Biz2Credit is upfront with its terms and requirements, but these do vary based on the financing option. This well-established marketplace turned direct lender offers competitive financing for small businesses. The business loans have low fees and reasonable, if short, repayment periods.
Besides that, Biz2Credit has fewer requirements for financing than most other lenders. It also offers fast funding and multiple financing solutions for small businesses.
To qualify for a business loan through Biz2Credit, most borrowers will need a good personal credit score. They’ll also need to have been in business for at least 6 months with solid revenue.
For a working capital loan, borrowers typically need:
- 575+ credit score
- $100,000 annual business revenue
- 6 months in business
For a commercial real estate loan, borrowers usually need:
- 660+ credit score
- $250,000 annual revenue
- 18 months or more in business
- Owned commercial property
For a term loan, most borrowers need:
- 660+ credit score
- $250,000 annual business revenue
- At least 18 months in business
Successful applicants usually need to have U.S. citizenship or a valid green card, be at least 18 years of age, and have an active bank account. Those who want a small business loan of up to $100,000 will be required to show proof of income.
Business loan terms range from 12 to 36 months for loans up to $250,000. These loans are usually unsecured, meaning the borrower will be personally liable if the business defaults on payments. For direct financing options through Biz2Credit, here’s what you can expect:
- Commercial real estate loans: The repayment term for these loans is 12 to 36 months and have a starting interest rate of 10.00%. Loan amounts range from $250,000 to $6M. These are only available to individuals looking to purchase real estate for their business.
- Working capital loans: These loans have an average term length of 12 months. The APR is not disclosed.
- Term loans: These loans have a maximum term of 36 months and start at a 7.99% interest rate.
For other financing options, Biz2Credit uses a team of highly qualified funding specialists to help consumers find the right solution. These specialists can help arrange various forms of funding through the company’s partners and third-party lenders. Options include traditional bank loans, equipment financing, business lines of credit, business acquisition loans, merchant cash advances, refinancing, and more.
The repayment terms depend on the loan itself and the qualifications of your business. Generally, you’ll have to pay either daily, weekly, biweekly, or monthly. You can do this manually or via automatic withdrawal through an automated clearing house. If you get a working capital loan, you can pay with your business receipts.
In general, here’s what you can expect in terms of repayment:
- Term loans: 12, 18, 24, and 36 months
- Working capital loans: Generally up to 24 months (some exceptions)
- CRE loans: 12 to 36 months
Overall, Biz2Credit has competitive rates for its loans. However, the maximum loan term of 36 months makes these loans best for those who don’t need long-term funding. If you do want to spread out payments over multiple years, consider another lender with longer repayment terms.
Privacy & Security
Biz2Credit is a reputable business with 4.5 out of 5 stars on Trustpilot and over 14,000 customer reviews. It has a slightly lower rating on BBB with 3.67 stars.
Most positive reviews indicate quick funding, excellent customer service, and a straightforward user experience. Others praise the company for its extensive collection of free educational resources, which are available on the website. Some negative reviews mention a confusing application process.
In terms of the website and application itself, both are secure. Biz2Credit has a team of software engineers, quality analysts, and security experts who regularly monitor the security of the platform. They also adhere to standard safety and privacy criteria, which helps keep consumer data confidential.
Biz2Credit is also transparent in how it gathers, uses, and discloses consumer information. The company does require users to give sharing permission with its third-party business partners and lenders to help find the best financing solution.
Overall, this company does take user security and privacy seriously, whether you’re borrowing directly from them or not.
Biz2Credit has excellent customer service. They have a contact form on their main website, a phone number, and a customer service email you can use. The email is firstname.lastname@example.org. The company is located in New York, and they have standard business hours from 9 a.m. to 8 p.m. Monday through Friday EST.
Additionally, when you create an account, you receive a free consultation with a financing expert who helps you through the entire process. There is no indication of whether Biz2Credit continues to provide support once you decide to take a loan from a third-party lender.
Ultimately, Biz2Credit is a great option for people with good credit who are interested in different forms of financing for an established small business. They have flexible loan options, transparent pricing, and competitive rates. They also have exceptional customer service and a solid reputation as a direct lender and marketplace.
1 Penn Plaza, 45th Floor
New York, NC 10119
Biz2Credit Disclosure: By accessing or applying for Business Finance Services from Biz2Credit relating to your potential business funding or other business financing products, you expressly accept and agree to both our Terms of Service and the Business Finance Services Terms & Conditions. The rates and terms and conditions here in are not a commitment or guaranty by Biz2Credit Inc. or any of its affiliates to provide financing, and are subject to change at any time. Not valid in all states. All products and services are subject to eligibility and other conditions and restrictions. Biz2Credit Inc. is not a lender. All terms and conditions and credit decisions are at the sole discretion of the lender. Offered for commercial uses to businesses only. Other terms, conditions, fees and restrictions may apply.