U.S. based Biz2Credit, rated as most trusted online credit resource in the U.S., 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.
The company claims to have more than 11 lakh users and over 1,300 lends on its platform. It also claims to have already arranged funding of over $1.4 billion in financing in U.S.
Ramit Arora, President & Co-Founder of Biz2Credit, said,
India has 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 non-availability of skilled labour at affordable cost, including demand side constraints.
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.
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. The company’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 s.
Also, 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.
“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,” said Ramit Arora.
In India, the company has partnered with Tata capital and Busy Infotech Pvt. Ltd. It is in advanced stages in tying up with leading banks / financial institutions / lenders in India to boost online financing success for individuals and SMEs in India under PM Narendra Modi’s ‘Digital India’ and ‘Make In India’ initiatives which are opening up bigger opportunities for the SME sector.