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NEW YORK, March 26, 2020 (GLOBE NEWSWIRE) – Biz2Credit, the leading provider of online financing for small businesses, today announced a new set of online resources to help businesses quickly obtain the financing needed due to the economic hardship caused by the coronavirus (COVID-19).
The company has set up a dedicated website (SBADisasterLoans.info) offering information on Small Business Administration (SBA) Economic Disaster Lending (EIDL) and other types of financing for businesses in need of working capital during the coronavirus pandemic.
Businesses that need cash to replace lost revenue due to the ongoing crisis can get help from a Biz2Credit Financing Specialist to apply for SBA disaster loans, which can take 3-4 weeks. to be processed, and also be pre-screened to see if they are eligible. Short term funding from Biz2Credit which can be distributed quickly to meet immediate needs. The online finance provider says it is taking many steps to help small business owners, who need as many options as possible during this critical time.
“We need to act quickly, otherwise 75% of small US businesses will go bankrupt if they don’t have access to credit within the next 60 days,” said Rohit Arora, CEO of Biz2Credit. “Small business owners need cash on hand, and they need it fast. Our devoted Coronavirus Disaster Lending Webpage will dramatically speed up the funding process for small business owners who are in desperate need of cash.
Biz2Credit was among two dozen FinTech companies – including OnDeck, Kabbage, and Womply – that co-signed a letter to leaders of the United States Senate and House of Representatives calling on them to quickly approve $ 500 billion in discretionary funding. for small businesses nationwide that are suffering as part of the current coronavirus health crisis.
We believe that there is still a long way to go and that it is essential that Congress act immediately to stabilize the economy and support American small businesses and workers, who face a serious threat to their survival.
FinTech executives stressed that a quick fix is crucial for small businesses across the country and that layoffs are already affecting large numbers of Americans. In fact, as each hour passes, more people employed by small businesses will be made redundant and more businesses will face closure or bankruptcy. The co-signers of the letter urged congressional leaders to immediately pass a stimulus bill and bring in non-bank lenders to help the SBA provide capital quickly. FinTech companies can usually approve loans within hours, instead of the 3 to 4 weeks it would take the SBA to put money into the hands of companies that are in desperate need of working capital.
The private sector is ready to help, including with data, expertise and engineering resources. We are not looking for any gain from this crisis. Our only goal is to protect the millions of small businesses that we are proud to call our customers.
“When I was a director of the SBA during Hurricane Katrina, volumes increased dramatically, by the hundreds of thousands in a single month,” said Hector Barreto, who led the SBA during the administration of President George W. Bush. “With the current crisis, the SBA will receive many, many more claims – potentially millions. The need for private sector support during this unprecedented influx couldn’t be clearer. “
How has the coronavirus crisis wreaked havoc on small business owners?
Biz2Credit research revealed that:
Restaurant revenues have fell 26% on average over the past two weeks.
- Grocery stores have taken four times more debt in March than each of the previous two months, as they are forced to fill orders for out-of-stock inventory at higher costs and increased manpower.
- The average amount of funding requested from companies in heavily impacted sectors (catering, personal services, travel) has already increased by 23% during the first two weeks of March.
To help struggling business owners better understand financing options at this critical time, Biz2Credit will also host an information conference. webcast Tuesday, March 31 at 12:00 p.m. (EDT) to educate business owners on their financial options in the face of the COVID-19 pandemic and how to request disaster assistance. The webcast will feature live Q&A with some of the country’s top business experts, including Rohit Arora and Alfredo Ortiz, President and CEO of the Network of job creators.
“JCN is thrilled to team up with Biz2Credit to help small businesses navigate this crisis and understand the help that will soon be on the President’s desk. This aid is not a bailout for small businesses. It is a lifeline for building a bridge to a healthy economy. We are optimistic that once implemented, Phase 3 of Vital Economic Aid will be of tremendous help to America’s small business community. JCN will continue to advocate for targeted public policy that will allow Biz2Credit to help those who need it most. Said Ortiz.
The webcast is one of a range of resources available on the resource hub that Biz2Credit has established (SmallBusinessDisasterSupport.com). The site will include information, such as updated data on small businesses during the crisis, as well as educational resources and guides written by entrepreneurship experts for business owners facing the fallout from the crisis.
“The coronavirus (COVID-19) is dramatically disrupting the global economy, and small businesses in particular are hit hard,” said Arora, one of the country’s leading experts on small business finance. “Many companies have seen their cash flow drop to zero. Meanwhile, so-called “non-essential” businesses have been forced to shut down and are being asked to pay sick workers for 14 days. Business owners across the country are in a serious cash flow crisis. “
About Biz2Credit
Founded in 2007, Biz2Credit has arranged over $ 3 billion in small business financing. The company extends its cutting-edge technology into customized digital platform solutions for banks and other financial institutions, investors and service providers. Visit www.biz2credit.com or Twitter @ Biz2Credit, Facebook, and LinkedIn.
Media Contact: John Mooney, (908) 720-6057,[email protected]
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