SME funding in 24 hours
Finance lender Bizcap has launched two new financial solutions for the New Zealand small business market: the Line of Credit and Bridging Finance.
The move comes as the nonbank looks to address the diverse needs of small and medium-sized businesses (SMEs) in New Zealand.
The importance of New Zealand advisers
SMEs account for a whopping 97% of all New Zealand businesses, employing over 631,000 people and contributing 28% of the nation's GDP. Dominated by firms with fewer than 20 employees (546,000 in total), these businesses have shown resilience in the face of economic challenges.
However, rising inflation and economic concerns are making traditional bank loans harder to secure and recent evidence suggests many small business owners found getting funding difficult.
This is where non-bank lenders like Bizcap step in. Offering fast, tailored financing solutions and serving as an easy alternative to banks, they help advisers secure the funds their SME clients need to thrive.
Equally, in a dynamic market like New Zealand, advisers play a pivotal role in guiding businesses to financial success, according to Bizcap’s chief revenue officer Rebecca del Rio (pictured above right).
“Our suite of financial solutions, including Fast Business Loans, Bridging Finance and Line of Credit, provide New Zealand brokers with powerful tools to address cash flow constraints and drive growth for their clients,” said del Rio.
“We're excited to partner with advisers in New Zealand, facilitating them to become the single point of contact for all their clients’ financial needs."
Line of Credit promotes flexible financing
Building on its product portfolio that offers loans of $5,000 to $2 million in as quick as 24 hours without up-front credit checks, Bizcap’s Line of Credit helps businesses access funding fast.
Whether it’s used to manage cash flow, seize growth opportunities, or handle unexpected expenses, Bizcap co-founder Zalman Blachman (pictured above left) said the new solutions are designed to give brokers a competitive edge.
“With the Line of Credit, businesses gain the freedom to access funds on-demand, providing the flexibility needed to navigate the dynamic landscape of entrepreneurship,” Blachman said.
“Bizcap is committed to supporting businesses [to] not just survive but thrive, and the Line of Credit is a testament to this commitment.”
In its beta launch of the Bizcap Line of Credit, the company said retailers had utilised the facility to make quick stock purchases, builders used it to pay import duties on building materials, and childcare facilities dipped into funds to pay salaries between government grants.
The Line of Credit will be available to brokers in late March, and they can register their interest in the interim.
Bridging business gaps with Bizcap’s Bridging Finance
In addition to the Line of Credit Bizcap has also launched Bridging Finance, a new product specifically designed to address short-term funding needs of SMEs. This solution targets temporary financial gaps requiring significant capital for brief periods.
By utilising a clear exit strategy and leveraging existing assets, SMEs can secure discounts of up to 65% on the cost of funds compared to Bizcap's standard offerings, according to Blachman.
This allows businesses to access much-needed funds with unprecedented speed, receiving $150,000 to $2 million within 24 hours.
“By incorporating Bizcap's innovations into their toolkit, brokers not only enhance their ability to meet client needs and diversify their offering, but also position themselves as strategic partners, driving success for both their clients and their own business,” said Blachman.
What do you think about Bizcap’s new product launches? Comment below.
