Online Lending Marketplace Leverages Growth of Local Startup with Unique Approach
FAIRFIELD, Conn., March 12, 2019 /PRNewswire/ — Celebrating six years of success, BitX Funding has once again secured financing for a local entrepreneur who now thrives despite an economy still in recovery. Dylan O’Connor, the owner of Floor Coverings International of Greenwich, CT, credits the “painless and efficient process” of a loan application, approval, and funding from the online marketplace that serves local, small businesses by pushing through the borrower bottleneck.
“With very little effort on my end, BitX came to the rescue and plugged me right in,” said O’Connor when describing the ease of process and expedience offered by BitX when he needed additional backing that had reached a dead end with traditional banks. Having been in business less than a year – a hurdle for financing and needing to tap additional funds, BitX was able to streamline the datapoint review and match him with the perfect lender. BitX Funding acted as a broker for him as they have done for hundreds of small start-ups and franchisees that are small but mighty contributors to the local economy. “The process was super-fast,” said O’Connor, noting a 48-hour transaction.
With a wealth of experience as a non-bank lender within the fintech universe, Todd Rowe, President of BitX Funding, has been breaking down barriers through the online marketplace that pairs small-business owners with optimal lenders, pushing through the risk and delivering resources. “My client’s businesses are growing in revenue, but they need the bridge that BitX could provide,” said Rowe, who earned trust, insight, and expertise as a lending middleman by navigating numerous clients through the crash of 2008. The focus on small businesses is particular and a niche that fills an underwriter gap for banks, who tend to focus on larger loans and see clients as a number. Rowe’s process embraces details seen as attributes to broker a borrower-lender match. The BitX marketplace offers a diverse group of lenders, including but not limited to American Express, On Deck Capital, and Lending Club, as their relationships allow for better rates and prevent credit mistakes when going direct. Further anticipating the needs of small businesses, BitX Funding also offers business insurance (underwritten by Chubb), “A necessary but often extra step toward limiting liability,” according to Rowe.
Since 2013, BitX Funding has generated over $10 million in funding for small businesses nationwide. As an active member and Board Member of the Fairfield Chamber of Commerce, Rowe’s corporate initiatives align with his mission of galvanizing the local Connecticut economy. With BitX Funding, he looks forward to continued growth by connecting the community – and small businesses nationwide – with lenders who provide an array of financial products such as SBA, start-up, short-term, mid-term loans, and more.
By Nancy Klaiman Prentice / The Next Write