How to apply for the Biz2Credit Loan

Biz2Credit: Providing Up to $6 Million in Small Loans for Businesses

When it comes to small business financing, Biz2Credit is a seasoned marketplace lender that offers up to $6 million in loans. Since its establishment in 2007, Biz2Credit has successfully negotiated over $7 billion in small business financing. Their extensive partner network and funding specialists allow them to cater to the specific needs of each borrower.

One of the key advantages of working with Biz2Credit is their hands-on approach. Their funding specialists assist borrowers in determining the most suitable loan option for their business. Additionally, Biz2Credit provides straightforward pricing and quick funding, making them a top choice for a marketplace lender.

Biz2Credit’s Loan Options

1. Loans for Working Capital

If you require funds for urgent business needs like paying employees or purchasing supplies, Biz2Credit offers working capital loans. These loans involve daily, weekly, or bimonthly payments, with repayment based on a percentage of your sales.

2. Business Term Loans

For regular business expenses, Biz2Credit provides business term loans. These loans feature consistent and dependable payments, allowing you to borrow money and manage your business expenses effectively.

3. Loans for Commercial Properties

Biz2Credit also offers loans for commercial properties. Whether you need to refinance an existing real estate loan, buy a new building, or refurbish an existing property, these loans can provide the necessary financing.

Eligibility for Biz2Credit Loans

Biz2Credit provides loans through its subsidiary, Itria Ventures, LLC. In cases where Biz2Credit is unable to fund a loan, they may connect borrowers with their partner lenders, who may have different business loan criteria.

When applying for a Biz2Credit loan, certain requirements must be met, including details from your credit history and factors demonstrating your ability to repay the loan. The minimum credit score required varies depending on the loan product:

• Working Capital Loan: Minimum credit score of 575
• Business Term Loan and Commercial Real Estate Financing: Minimum credit score of 660

Other factors include the minimum time period your business must have been in operation:

• Working Capital Loan: At least six months
• Business Term Loan and Commercial Real Estate Financing: At least 18 months

Furthermore, your company must have a minimum annual sales of $250,000 to be eligible for financing with Biz2Credit. It’s important to note that this requirement may exclude smaller companies.

Applying for a Biz2Credit Loan

Applying for a Biz2Credit loan is a simple process. You will need to provide basic information about your company, including your name, address, phone number, annual income, years in operation, credit rating, and specific finance requirements.

While Biz2Credit does not specify the exact documents required, most lenders typically ask for recent business tax returns, bank statements, and profit and loss statements.

After submitting your application, a representative from Biz2Credit will contact you to review the application, gather any additional necessary documents or information, and ensure that you have applied for the right loan option. Within one day, you will receive a notification regarding the loan approval.

If approved, you will need to verify the information on your bank account to ensure the funds are deposited correctly. Once verified, the funds could be transferred into your account within 48 hours.

Biz2Credit Loan vs. Fora Financial Business Loan

Both Biz2Credit and Fora Financial Business Loan offer attractive options for business owners seeking financing. The choice between the two largely depends on the borrower’s specific situation.

Biz2Credit is a suitable choice for business owners with good credit who are looking to expand their operations. On the other hand, Fora Financial Business Loan is ideal for individuals with low credit scores who require quick funding for their businesses.

Benefits of Biz2Credit Loans

• Access to various loan types
• Quick funding process
• Straightforward application procedure
• Higher borrowing thresholds

Benefits of Fora Financial Business Loans

• Flexible qualification criteria
• Early repayment discounts available
• More flexibility compared to other solutions, such as Merchant Cash Advances (MCA)

Applying for a Fora Financial Business Loan

If you are interested in applying for a Fora Financial Business Loan, you can refer to our dedicated article on the application process for more information.

Written by

Claire Harrison