Bizcap, a small business lender in Australia and New Zealand, has reached the milestone of funding $1 billion in loans for small business clients.
The news came as the cash flow lender ramps up its rollout of its new Line of Credit product, giving small to medium enterprises ongoing access to funds without the need to apply each time.
Bizcap co-founder and joint managing director Zalman Blachman (pictured above centre) said reaching the billion-dollar number was a moment of pride for himself and the other senior leaders at BizCap.
“We are witnessing 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,” said Blachman.
“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.”
Since its inception in 2019, Bizcap has expanded from Australia to New Zealand and most recently the United Kingdom, fulfilling on a mission to bring its lending solutions and customer service to SMEs across the globe.
Brokers and aggregators play critical role
On reaching $1 billion in origination from over 23,000 small business loans, Bizcap co-founder and joint managing director Abraham White (pictured above centre left) said the achievement is a testament to the “invaluable role” brokers, advisers and aggregators play in the company’s mission to empower small business owners.
“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,” said White.
“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,” he said.
“We remain committed to strengthening our partnerships with brokers, advisers and aggregators as we continue to make a meaningful difference in the lives of small business owners," he said.
Business Line of Credit
Following a successful Beta phase, Bizcap is making its Line of Credit widely available to SMEs both directly and via brokers and advisers.
The company expects to see a surge in funded deals in light of the new product.
“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,” said chief revenue officer Rebecca del Rio (pictured above centre right).
“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,” del Rio said.
The company said retailers have taken up the Business Line of Credit to make quick stock purchases, while builders have used it to pay import duties on building materials.
Childcare facilities have also dipped into funds to pay salaries between government grants. Others have used it to plug cash flow gaps pending asset settlements and large bank loans.
