Milestone comes after expansion
New Zealand small business lender Bizcap has achieved a significant milestone, surpassing $1 billion in total loans funded for its clients.
This news coincides with the launch of its new Line of Credit product, designed to provide ongoing financial access to small and medium businesses (SMEs).
Bizcap co-founder Zalman Blachman (pictured above left) expressed his pride in reaching this billion-dollar mark.
“Reaching this milestone is a moment of pride for both myself and the other senior leaders at Bizcap, as we witness 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,” Blachman said.
Bizcap said it remains dedicated to its mission of providing open-minded financial solutions that make a real difference for small business owners and help them achieve their goals.
Since its founding in 2019, the company has expanded its reach beyond Australia and New Zealand now serving the United Kingdom, with the aim of bringing its services and customer support to SMEs worldwide.
Celebrating the role of advisers and aggregators
On reaching $1 billion in originations from over 23,000 small business loans, Bizcap co-founder and joint managing director Abraham White (pictured above right) said the achievement is a testament to the “invaluable role” 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, White said that while customer repeat rates remain “as strong as ever”, the company has witnessed growth in new deals, securing borrowing for a host of businesses for the first time.
“We remain committed to strengthening our partnerships with 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 trial period, Bizcap recently launched its Business Line of Credit. This new product, available directly to businesses and through advisers, is expected to significantly increase access to funding for SMEs.
Chief operating officer Adam Szental said the product is designed to empower business owners to plug cash flow gaps, cover unexpected expenses, pay wages and suppliers and seize growth opportunities.
“All of this without having to apply for a loan each time. They simply log in to their portal, make the draw down and get on with business,” said Szental.
Bolstered credit team supports customer service
Bizcap’s credit team also recently doubled in size to meet demand for its lending solutions.
Tony Truong, the man tasked with leading this new-look credit team, said his team’s growth had contributed to the company’s milestone as well as winning the WeMoney Award for Outstanding Customer Service - Business Loans.
“The award recognises our customer service for both broker partners and SME clients,” said Truong, Bizcap’s chief credit officer.
“As we meet this impressive milestone, our team remains as committed as ever to maintaining the speed, rigour and open-mindedness for which Bizcap is known, to provide exceptional service to our adviser partners and SME customers.”
