Online Lending Marketplace Taps Opportunity for Small Business as Traditional Banking gets Sidetracked
FAIRFIELD, Conn., Jan. 25, 2021 /PRNewswire/ — BitX Funding, the online lending marketplace known for matching small-business owners with optimal, non-bank lenders, has sourced another $1 Million SBA 7a loan to bolster a business expansion amid a banking bottleneck heightened by the pandemic and a new round of Government-backed PPP.
Robert Knoll, Principal of Saber Group Homes, found a streamlined and flexible financial solution with BitX Funding after losing time and momentum with multiple attempts to secure a loan for acquisition through the traditional pipeline. “I went through many applications only to be told that all the institutions were doing at the time were PPP loans,” said Knoll, whose start-up business with no prior history fell outside of their parameters. “BitX was able to assist in ways banks could not,” added Knoll, who found the right lender for his opportunity that was time-sensitive and unique, with the buyer, seller, and BitX working together to produce the property and collateral required for successful financing. Instead of falling through the institutional cracks, the creative approach and simple process offered through BitX Funding found Saber Group Homes the financial vehicle and million-dollar SBA 7a loan that was the right fit.
“BitX Funding is committed to helping entrepreneurs who need financing for the purchase or acquisition of a business,” said Todd Rowe, President of BitX Funding. He added, “Now when many seek capital for new opportunities, they hit a wall created by COVID-19 and banks overwhelmed by the Paycheck Protection Program. With all hands-on deck managing highly regulated PPP loans that involve a complex process and time-consuming personnel training, banks have become blindsided by a sizeable program that nobody saw coming.”
BitX Funding supports small business owners with easy access to SBA 7a loans and the connection to many lenders who compete for their financing in a thriving marketplace. With a transparent and frictionless process from approval to lending, entrepreneurs tap the funds they need. Rowe adds, “Banks large and small need to pivot more quickly, offer better technology, and increase the workforce to service the tsunami of PPP applications. While this preoccupies banks, small business becomes stifled as the SBA 7a loans that facilitate acquisition, provide working capital, and issue real estate loans are on hold until stimulus ends. Our lenders see it differently and are up to speed, so we recommend that entrepreneurs apply for unlimited growth with BitX Funding.”
Since 2013, BitX Funding has generated over $50 million in support of small businesses nationwide by breaking down traditional banking barriers. Todd Rowe, President of BitX Funding, is an experienced non-bank lender within the Fintech universe whose corporate initiatives have backed the mission of galvanizing the small business economy. The restrictive nature of traditional banking is no longer a match for the innovation and customization now required to grow a business. BitX Funding is an agile partner for any company seeking to expedite financing and working capital.
By Nancy Klaiman Prentice / The Next Write
Originally published on: https://finance.yahoo.com/news/bitx-funding-brokers-million-dollar-160300531.html