In a bid to capture $300 Bn Indian funding market, Biz2Credit, the US-based online financing marketplace, will now make credit available to Indian SME’s. It will facilitate loans/finance from $5000 to $5 Mn within 24 hours, and aims for business generation of 1000 crore by next fiscal in India.
At present, there are around 29 Mn small businesses and SME’s in the country that contribute to 45% of the industrial output and 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,” said Ramit Arora, President & Co-founder of Biz2Credit.
In India, major roadblocks to SME finance include adequate and timely banking finance and limited capital besides ability to adapt and use latest technologies. Identification of new markets, ineffective marketing strategy, demand and expansion constraints and non-availability of skilled labour at affordable cost, are some other issues, thousands of SME’s are trying to address presently. Even entrepreneurs are often forced to resort to using personal credit cards, home equity lines or their own savings to fund businesses.
Biz2Credit aims to narrow these gaps and create an organised and focused SME lending ecosystem in the country.
Established in 2007 in the U.S., Biz2Credit is bringing together an array of lenders and fund-seeking entrepreneurs and individuals. It offers online SME loans, lines of credit, equipment loans, working capital and other business funding options as well as consumer loans.
The portal has more than 11 lakh users, 1,300 lenders, and credit agencies like D&B and Equifax. It uses a patented technology (Biz Analyzer) to match lenders as per the exclusivity of each loan application, offering the borrowers a wide range of options to choose from. With free registration, businesses and individuals can compare various financing options and choose the one that is most suitable to them.
“Biz2Credit provides data and risk analytics through the patented BizAnalyzer Score, enabling lenders to process transactions with an automated score card. Also, the BizAnalyzer Score Simulator Tool, that will allow SME owners to review a personalized snapshot of their business health, will be made available free of cost,” added Ramit.
In India the company has partnered & tied up with Tata Capital and Busy Infotech Pvt. Ltd. It is also in advanced stages in tying up with leading banks/financial institutions/lenders in India.