By Guglielmo de Stefano on 4th March 2016
The agreement provides restaurant owners with fast access to a wide array of financing products.
New York-based online aggregator Bizfi has announced the closure of a partnership with the New York State Restaurant Association – a local entity that helps restaurateurs in the New York State to succeed by providing them with competitive edge in the form of cost saving benefits, education and advocacy.
Bizfi has been selected as the exclusive financial provider for NYS Restaurant Association’s members. The platform will supply more than 2,000 restaurants with access to multiple types of funding, including the likes of equipment financing, invoice financing, lines of credit, medium term financing and short-term funding – sourced from more than 45 partners.
Founded in 2005, Bizfi's connected marketplace instantly provides businesses with multiple funding options from a wide variety of funding partners, such as Funding Circle, Kabbage, IMCA Capital, Bluevine and SmartBiz. In September 2015, Bizfi launched both its new application protocol interface (API) and a white label solution – enabling integrated partners to provide direct access to funding options for their small business customers.
Stephen Sheinbaum, founder of Bizfi, commented:
“Restaurants have unique funding needs and owners often do not have time to spare in order to complete the long application process at traditional lenders. Now restaurants in New York can turn to NYS Restaurant Association, a partner they already know and trust, to gain access to capital which can be delivered quickly.”
Last month Bizfi announced its financial results for Q4 2015. In the final quarter of last year, the platform facilitated more than $142m in business financing – a record for any one quarter since its launch. Since inception, Bizfi has originated more than $1.4bn in total financing and has supplied more than 27,000 businesses with access to capital.
NYS Restaurant Association members will be able to access the Bizfi marketplace directly through the NYS Restaurant Association website – www.nysra.org.
Melissa Autilio Fleischut, President and CEO of the NYS Restaurant Association, concluded:
“The NYS Restaurant Association prides itself on providing our members with all the resources they need to thrive, and that now includes financing. Some restaurant owners may need capital for inventory or equipment and others may be considering expansion. Bizfi’s co-branded solution provides NYS Restaurant Association members access to the right financing for their needs.”