With more than 11 lakh (1,100,000) users, 1,300 lenders, US based Biz2Credit, is all set to revolutionize the Indian funding market by making finance available to thousands of small and mid-sized companies looking for business loans on best terms.
Biz2Credit is rated as “the most trusted online credit resource in the US” where it has already arranged funding of over $1.4 billion in financing.
Ramit Arora, president & co-founder of Biz2Credit (pictured above) explained: “India has a huge market of around 29 million small businesses and SMEs contribute 45% to the country’s industrial output and to 40% of the total exports.
“The new trends in SME financing are getting influenced by digital revolution. This includes analytics-based lending, peer to peer lending and various other variants. Digital finance will capture at least 10% of the $300 billion Indian funding market.”
The biggest hurdle the SME’s face is adequate and timely banking finance, limited capital besides ability to adapt and use latest technologies, identification of new markets, need for an effective marketing strategy, constraints on expansions and the non-availability of skilled labour at affordable cost, including demand side constraints.
Gap in the market
The lack of organized credit to small business owners is a gap in the Indian financial market today and an inhibiting factor for growth of entrepreneurship in India.
Biz2Credit aims to address this gap with its focused digital offerings to provide capital to thousands of small and mid-sized companies for expanding and growing businesses in India in a fast and efficient manner.
Arora added: “India has countless small and medium-sized businesses (SMEs), contributing more than 60% to the economy. Entrepreneurs often resort to using personal credit cards, home equity lines or their own savings to fund businesses when there are much better options. Biz2Credit streamlines the loan application process and finds the best deals on loans, lines of credit and other forms of financing.”
He stressed: “We will help Indian entrepreneurs to quickly secure the funding they need to grow their businesses. We are thrilled to help India's small business finance industry, digitally. Financing on Biz2Credit’s platform ranges from $5,000 to $5 million and can be coordinated in as little as 24 hours for working capital, commercial real estate and other uses.”
Using its proprietary technology, Biz2Credit matches borrowers to financial institutions based on each company's unique profile, in a safe, efficient and price-transparent environment.
Automated score card
Biz2Credit’s customers will gain access to full range of Biz2Credit’s offerings including data and risk analytics through the patented BizAnalyzer score, enabling lenders to process transactions with an automated score card models.
“Also,” Arora added, “the BizAnalyzer Score Simulator Tool will allow SME owners to review a personalized snapshot of their business health will be made available free of cost.”
“In India we have partnered & tied up with Tata capital, the flagship financial services company of the $108 billion Tata Group and Busy Infotech Pvt.”
Established in 2007 in the US, Biz2Credit is an online marketplace bringing together an array of lenders and fund-seeking entrepreneurs and individuals to arrange online SME loans, lines of credit, equipment loans, working capital and other business funding options as well as consumer loans.
Biz2Credit uses a patented technology (Biz Analyzer) to match lenders as per the exclusivity of each loan application, offering the borrowers a wide range of options to choose from. With free registration, businesses and individuals can compare various financing options and choose the one that is most suitable to them.