We have a new look at Biz2X, and that’s just the beginning.
Biz2X is the culmination of over 13 years of small business funding experience. Refined into a seamless platform, brands rely on our lending software for risk analytics, compliance and strengthening relationships with customers. The new look for Biz2X symbolizes our redoubled commitment to our clients and their small business customers as we all move forward together.
The COVID-19 pandemic placed a long overdue spotlight on small business debt and lending processes. In 2019, 40% of small businesses had trouble paying operating costs, 31% could not access credit and 69% of small business owners used personal funds to close the gap between operating revenue and expenses. As the American economy experienced one of the longest periods of growth in our history, small business owners faced financial tipping points far too often. Back then, Biz2X was launched with the idea that small business lending could be made better for business owners and more profitable for lenders at the same time.
Now, small businesses have been roiled by social distancing and government-mandated lockdowns. Small business lending needs to be better than ever. We have seen new lending technologies rise and falter as they face the challenges of scale and dealing with the legacy software that is often entrenched at lenders. Still we are committed to digital transformation for our clients. At Biz2X we believe better lending practices can bolster main street communities. We believe well-built software can lower the barriers between business owners and their financial services providers. Allowing small businesses to invest in themselves should be part of the conversation in every lender’s boardroom. Our bold new look is a representation of the idea that technology, together with some well-placed effort, will make the conversation about lending and small business more effective for lenders of all sizes.
Our mission is to create technology that makes it possible and practical for lenders of all sizes to empower small business communities with smart financing.
At Biz2X empowerment starts with reaching out and partnering up. Biz2X clients include enterprise and local banks, credit unions and other non-bank lenders of all sizes. Together we meet and support businesses from a wide spectrum of geographies, verticals and communities.
Working together for the betterment of small business has been more important this year than any other in memory. We met this moment in April with the launch of Biz2X Accelerate SBA. We made the platform temporarily free to all lenders with an asset base under $10 billion, to make it easy for them to launch relief lending services fast to their small business customers. Open access to Accelerate SBA has facilitated the application process for tens of thousands of small businesses.
Accelerate SBA took building blocks of digital transformation – speed, customization, data management, ease of use – and applied them to a vital question. How might a traditional loan origination process be automated and made flexible enough to account for a myriad of regulatory changes, amidst unknown credit risks. How could we best prepare our clients to meet this moment?
The Accelerate SBA platform gave lenders the modular design they needed to stand up PPP origination, loan forgiveness and servicing processes quickly and confidently. Their customers, small business borrowers in need of PPP relief, gained access to a user-friendly digital application. Users were able to securely upload, e-sign, and submit required support documents seamlessly. While many lenders waded through operational hazards, Biz2X partners met the needs of businesses nationwide by completing applications faster.
Our commitment to this vision lasts long beyond anyone program like PPP. As PPP was winding down, Biz2X teamed up with ACAP and the Lending Source. Using the PPP forgiveness tools available as part of Biz2X Accelerate SBA, ACA Pand the Loan Source onboarded their entire portfolio of 22,000+ loans in just a few days. Looking forward, by year-end Biz2X will process over 100,000 forgiveness loan applications, through ACAP and partners like them.
Our vision is of a world where small business owners have access to custom-fit financing options no matter how close or how far they might be from a local branch; one where banks of all sizes use digital services to give small business clients the financial confidence needed to reach for their goals.
As Biz2X grows we become more confident in making our vision a reality. We are expanding our capabilities, while redoubling our support of lenders so they can serve small business communities everywhere. Our new branding is the embodiment of our confidence in small businesses and the lenders that serve them. We invite you to join us and the many Biz2X clients already transforming their business banking to realize this vision in your own small business lending.
Learn about Biz2X from our lending platform specialists. Book a consultation ->