Australian lender Bizcap is to launch in the UK. Its mission is to empower small businesses by providing them with swift access to the funds they need. Notably, it says its lending decisions do not hinge on conventional benchmarks like credit scores and existing debt.
Unlike traditional lenders, Bizcap says it employs a unique approach to credit assessment and risk evaluation. It gains a deep understanding of its customers by looking at both qualitative and quantitative factors in order to tailor loans to their individual needs and aspirations. Bizcap says this sets it apart as the most open-minded lender in the market. Furthermore, through process efficiencies, it can approve loans in as little as 3 hours and fund them within the day. That makes it one of the fastest lenders in the market
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Small business owners often face the challenge of time constraints and resource limitations when applying for traditional bank loans. Bizcap addresses this by offering small business loans ranging from £5,000 to £750,000. The online application process is seamless, user-friendly and takes under 5 minutes to complete. This reflects Bizcap’s dedication to simplifying financial solutions for small enterprises.
Credibility built on success
Founded in 2019, Bizcap has rapidly become a trusted partner for over 21,000 satisfied customers, providing them with the funding necessary to elevate their businesses to the next level. Its track record of success underscores Bizcap’s commitment to saying “yes” more often. This makes it a reliable choice for businesses seeking fast and easy access to funds.
The UK advantage
Bizcap aims to be a game-changer for local businesses and brokers. It will offer a refreshing alternative to traditional lending institutions. The company highlights its success in Australia and New Zealand as a reliable and innovative funding source for small enterprises across the UK.
Bizcap CEO, Zalman Blachman told RBI: “Our expansion into the UK is a thrilling milestone for Bizcap. It reflects our dedication to revolutionise business funding globally. We are particularly excited about introducing our unique credit model. It’s one that prioritises understanding our customers beyond the numbers. We have a tried and tested model of open-minded lending that has worked across Australia and New Zealand. That will give us an edge in the UK market.”
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By GlobalDataBizcap MD Sasha Berg, added: “Our mission has always been to empower small businesses. The UK launch is a testament to our commitment. We understand the challenges that entrepreneurs face. Bizcap is here to provide not just funding but a partner in their journey. With our proven track record, we look forward to being a catalyst for growth in the UK market.”
Solutions-first approach for brokers and financial advisors
Bizcap Chief Revenue Officer Rebecca del Rio said: “Having cultivated trusted relationships with brokers and financial advisors, we are the lender of choice for them and their clients. What brokers can expect from us is a solutions-first approach for their clients.”
Official figures released on 12 April confirmed that the UK economy grew by 0.1% in February. While this news increases hopes that the UK is on its way out of recession, UK SMEs continue to grapple a lack of external funding and access to capital.
The current challenges facing UK SME’s seeking capital was highlighted last month by the Federation of Small Businesses. Its Small Business Index for Q4 2023 noted that UK small firms’ views of the availability and affordability of new credit remained negative. Specifically, only around one in seven small businesses (14.5%) rate it as quite good or very good, while over half (52.0%) rated it as quite poor or very poor.
Among those small firms whose applications for new credit were successful over the quarter, a third (33.4%) were offered a rate higher than 11%, a new record for the Small Business Index.
