AltFi.com uses cookies on this website. They help us to know a little bit about how you use our website, which improves the browsing experience and marketing - both for you and for others. They are stored locally on your device. By continuing to use this site you accept this use of cookies. Go to the Privacy and Cookies page for more information. You'll see this message only once.
Not signed in. Log in here.

Your daily download of all things alternative finance and fintech, from us at AltFi


 

Biz2Credit partners with CPA.com




By Guglielmo de Stefano on 7th October 2015


A subsidiary of the American Institute of Certified Public Accountants (AICPA), CPA.com, has partnered with Biz2Credit, the online resource for small business lending.

 

CPA.com today announced its new marketing partnership with Biz2Credit, the well-known small business loans marketplace, based in New York.

 

Biz2Credit’s cloud-based platform gives small business owners access to a network of more than 1,300 pre-screened lenders and to advantageous financing options, ranging from $5,000 to $5 million. It matches borrowers to financial institutions based on each company's unique profile – in a safe, efficient and price-transparent environment.

 

Biz2Credit’s network consists of 1.6 million users, credit rating agencies, such as D&B and Equifax, and small business service providers, including Certified Public Accountants (CPAs). In particular, CPA.com, a subsidiary of the American Institute of CPA, offers a growing list of digital products and services that help firms succeed in practice management, client advisory services and professional development.

 

This partnership represents a promising development for both firms.

 

On the one hand, CPA.com will be able to better support its clients and to provide CPA firms with funding solutions as well. Furthermore, these services can lead to new lines of business outside the CPA’s traditional tax and audit areas.

 

CPA.com President and CEO, Erik Asgeirsson, commented:

 

“Biz2Credit is part of a modern lending movement that is using technology to transform how small and midsize businesses obtain capital. […] Through our partnership with Biz2Credit, CPA firms will be able to provide even more support to clients and leverage the service for their own financing needs, too.”

 

On the other hand, Biz2Credit may also benefit from the new partnership from an origination standpoint, in that CPA.com is a key partner for small businesses and plays an important role in guiding their financing decisions. 

 

Biz2Credit co-founder and CEO, Rohit Arora, added:

 

“Our relationship with CPA.com recognizes that CPAs are key partners for small businesses and start-ups, and that they play a significant role in lending decisions. The average small business owner spends 24 hours preparing and processing a loan application, and we think that’s time better spent building the business. Our application takes four minutes or less to fill out using a smartphone, tablet or laptop.”

 

Since its launch in 2007, Biz2Credit has arranged more than $1,2 billion in small business funding throughout the US. The platform has already partnered with other companies this year, such as Fortis Payment Systems and Merchant Industry. Partnerships are a critical means of increasing the company’s origination volumes.

 

This news is further evidence that the trend of platforms partnering with other businesses is increasing. In fact, since the beginning of January we have seen many partnerships taking place. Lending Club has led the way by partnering with Alibaba, Google and with a consortium of 200 community banks. Similarly, Prosper has partnered with small banks, such as the Western Independent Bankers group.

 

Naturally, this growing number of strategic partnerships is an indication of the strong levels of growth (in terms of both volume and sophistication) that the alternative finance industry is enjoying. Moreover, it clearly shows that established companies are increasingly cognisant of the benefits that may be derived from aligning themselves with the alternative finance platforms.

Comments


Enter your name:

Enter a comment in the box below: