Leading online business credit resource Biz2Credit is celebrating the 200,000 client milestone by upgrading its platform and introducing a new tool which analyzes loan seeking companies.
Launched in 2007, Biz2Credit creates a unique credit profile for each company and matches them to the funding options best suited for them. They have 1.6 million users, including several credit agencies.
Biz2Credit has also revamped the BizAnalyzer rating tool. Using a weighted formula, BizAnalyzer assigns a score to each company based on eight factors: personal credit, debt-to-income ratio, time in business, industry risk, corporate risk, revenue, cash flow, and repayment history.
This information is combined with other numbers submitted by the applicant along with data from credit rating agencies and other institutions. Biz2Credit claims this allows them to process loans with less than a one percent default rate.
“Our BizAnalyzer program provides small business owners with an overall snapshot of their financial performance and gives them an opportunity to evaluate what areas need improvement,” said Biz2Credit CEO Rohit Arora. “It also recommends actions that can decrease their risk, improve their credit scores and their chances of getting funding.”
Biz2Credit partners with personal finance management platform Yodlee to integrate a borrower’s verified banking information into its calculations. This helps the platform account for seasonal revenue fluctuations and match the borrower with the most suitable credit options.