In an interview with Australian Broker, Abraham White, joint managing director and co-founder at Bizcap, shed light on the innovative lending solutions offered by Bizcap to SMEs.
White said Bizcap was launched four years ago after identifying a significant gap in the market.
“Current lenders in the market at that time there was really no open-mindedness, and really thinking outside the box look into SME lending,” he said. “So, in saying that, we decided to look at styling Bizcap, as the lender that could really think outside the box and look for reasons to find deals when other vendors would not.”
Bizcap focuses on turning around deals in under three hours, offering loans ranging from $5,000 to $4 million in Australia and up to $2 million in New Zealand.
With SMEs finding it harder than ever to secure funding from traditional banks, where delays and stringent criteria often result in prolonged waiting periods and, at times, rejection, White said Bizcap is committed to provide flexible and speedy funding solutions, addressing challenges such as discharged bankruptcy, credit descriptors, defaults, and judgments.
Regarding larger loan amounts, White explained that deals up to $4 million typically involve some form of security. He provided examples of clients in the construction sector with significant government contracts and businesses experiencing rapid growth, showcasing how Bizcap’s solutions adapt to various scenarios.
White outlined the eligibility criteria for Bizcap, highlighting the company’s flexibility in deviating from traditional lending norms.
“We can lend up to 100% of customers, the average monthly revenue; with a secure loan, we can go significantly higher more than that,” he said. “The main thing is, when you’re with Bizcap, all rules are made to be broken. And the reason why is because at Bizcap, we have no institutional funding or debt facilities like other ones in the marketplace.”
White said partnering with Bizcap brings several benefits, including the speed of loan approval, attractive commissions for brokers, and the support offered by Bizcap's dedicated account management team.
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