When you have an enterprise, many challenges arise, and you may end up needing financial help, whether it’s to make payroll, buy supplies, run daily business operations, and even renovate or buy a new building for your business. In this case, what do you do? Who to approach? How do you solve these problems?
It’s very simple, Biz2credit offers special financing for each of the situations described above. If you fit this profile, you are in the right place. Follow the article in full and learn everything about Biz2credit and how you can gain from it.
Everything is quite simple, from the application process to the payment terms. You can get up to $6,000,000 in financing, which can be quite useful for improving and expanding your business, whether you are a small, medium or large company.
Are you ready to apply for Biz2Credit? Read on to learn all about this provider, as well as its advantages, cons, and how to apply.
Biz2credit
Minimum credit score of 575 Get cash in less than 24 hoursHow does Biz2Credit work
Biz2Credit is a New York-based alternative lending platform that offers various types of small business financing. Founded in 2007, Biz2Credit Inc offers access to small business loans in 50 states (and Washington, DC).
Biz2Credit offers three types of financing options: working capital loans, term loans, and commercial real estate loans. Learn about them below:
Loans for working capital
In this mode, the goal is to have quick capital on hand for emergency needs, such as making payroll or buying supplies. The money repaid goes back to the lender via a percentage of your sales, which will be returned daily until the full amount is paid.
The loan amount ranges from $25,000 to $2 million or more, fixed terms of return, and the fees are expressed in terms of simple interest and have an underwriting fee of $250 to $400 (depending on the size of the business).
Business Term Loans
This is the best way for you to carry out your daily business operations with peace of mind and easy on the wallet. This means that the borrower must repay the amount borrowed plus interest, and fees can also be enabled over an agreed period of time. Payments can be daily, weekly or monthly, depending on the loan.
The loan amount ranges from $25,000 to $500,000 or more, with APR starting at 10%, with an underwriting fee of $250 to $400 and Can be restricted in North Dakota, South Dakota, Nevada, Rhode Island and Vermont.
Commercial Real Estate Loans
Finally, we have the last mode of Biz2credit where, in this case, you can use the borrowed amount to purchase a new building for your business or to renovate the current building of your enterprise – you decide.
Loan amount ranges from $250,000 to $6 million, with APR starting at 7.99%, with an underwriting rate of $250 to $400 and Can be restricted in North Dakota, South Dakota, Nevada, Rhode Island and Vermont.
Main Advantages of using Biz2credit
Biz2credit is available in all USA except North Dakota, South Dakota, Nevada, Rhode Island and Vermont. In addition, it offers simple interest rates, rather than compounded rates, with good terms and a variety of choices.
But there is a little more to this line of credit that may convince you to get a loan and fulfill your favorite business dreams. Some advantages include:
- High loan amounts
- Funds are disbursed quickly
- Minimum credit score of 575
- Get cash in less than 24 hours
- Various types of financing available
- Application process is quick and easy
- Borrower qualifications are lower than going through banks
Biz2credit is an easy-to-use system that allows almost any small business owner to get a loan, depending on their goal – even more so by taking advantage of simple interest rates. This can be a great way to get rid of the high interest on other debts or give your business projects a boost.
How to Qualify for Biz2credit
Business loan applications are approved or denied based on several factors. All lenders have their own unique underwriting requirements. See some of them here:
- Personal credit score – the score value depends on the type of product chosen by the applicant. For working capital loans, you will need a score of at least 575. For commercial term loans and commercial real estate financing, a credit score of at least 660 is required.
- Length of Time in Business – here too, it depends on the product chosen. For working capital loans you need at least six months in business. For commercial real estate loans and commercial term loans, you need to have been in business for at least 18 months.
- Annual Revenue Requirements – your company will need a minimum annual revenue of $250,000, regardless of the product.
You can apply directly through the Biz2credit website. There you will have to fill out a form with basic information before getting an approval.
How to Apply
To get this application, the best way to apply is online through the application form provided on the official Biz2credit website.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. Biz2credit will likely conduct an affordability assessment before providing access to funds.
Conclusion
In conclusion, Biz2Credit offers a convenient and accessible platform for small businesses seeking various types of financing, including working capital loans, business term loans, and commercial real estate loans. With competitive rates, quick funding disbursement, and relatively lenient qualification criteria compared to traditional lenders, Biz2Credit is designed to meet the diverse financial needs of small businesses across the USA. Whether you need immediate capital for day-to-day operations or funding for significant business expansions, Biz2Credit provides a streamlined application process and flexible repayment options to support your business growth.
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