Small business lender Bizcap has increased its loan limit to $2 million, a 50% rise from its previous $1 million limit, in order to support Australian businesses.
The decision comes after Bizcap experienced 68% year-on-year growth during the 2021/22 financial year.
Bizcap launched in 2019 and was built on the belief that all Australian small businesses should have a lender that was able to provide access to capital with speed and open-mindedness, with a large portion of its business secured through its broker network.
“Australian businesses have been doing it incredibly tough over the past few years,” said Bizcap joint managing director and co-founder Abraham White (pictured above left).
“Not only have they had to navigate COVID-19 lockdowns and supply chain difficulties, but they’re now dealing with high inflation which impacts them and their customers. We believe it’s important now more than ever to provide Australian businesses with the financial support they need to get through the coming months and years, as small businesses are so vitally important to the country’s economic health and wellbeing.”
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Bizcap has just enjoyed its biggest financial year yet – funding more than 3,600 businesses and securing its largest ever deal – a $2m business loan for a building and construction company.
Joint managing director and co-founder Zalman Blachman (pictured above right) said Bizcap understood that businesses needed access to funds that matched the speed in which they operated.
“This is why we’re focused on providing loans to business owners quickly,” Blachman said. “We utilise advanced underwriting techniques that look at each business at an individual level. Our customers enjoy funding in as little as three hours which is often quite unbelievable to them after waiting weeks for an outcome from banks.”
Blachman said Bizcap was here to help small businesses and would always do so when it could.
“We take great pride in seeing our clients’ businesses flourish and grow,” he said.
Blachman said Bizcap was committed to creating a diverse, hybrid working environment in which employees could thrive.
“We have grown by employing almost 50 people,” he said. “Recently, we were also a finalist nomination in the Finnies’ culture and diversity category, which is a testament to this.”
Blachman said Bizcap relied on people-to-people relationships.
“Our clients want to deal with real people who can understand their situation and their business, so our team members are vital to our success,” he said.
“It’s hugely important for us to create the right environment for people to thrive.”
