Biz2Credit, a small business financial technology platform, announced on Monday that it has partnered with financing portal, Tata Capital, to help give India’s small businesses access to online financing.
According to Biz2Credit, Tata Capital will be utilizing the acquisition channels on its small business lending marketplace in India, thereby making finance available to thousands of small and mid-sized companies in the country. In addition, Tata Capital will be gaining access to Biz2Credit’s offerings, which includes data and risk analytics through the patented BizAnalyzer Score to fund small businesses transactions.
COO of retail business and housing finance at Tata Capital, Govind Sankarnarayanan, stated:
“Our resolve is to deliver financial solutions that are right for all our stakeholders – specifically our customers and the society at large. The lack of organized credit to small business owners is a gap in the Indian financial market today and an inhibiting factor for growth of entrepreneurship in India. Tata Capital aims to address this gap with its focused digital offerings.”
COO of digital business at Tata Capital, Veetika Deoras, commented:
“Digital is a strong focus area for Tata Capital across both retail and business loans. Through our alliance with Biz2Credit, we aim to provide capital for expanding and growing businesses in India, in a fast and efficient manner. Our endeavor is to offer credit decisioning online and within the shortest turnaround time disburse the amount to the borrowers.”
Rohit Arora, CEO of Biz2Credit, added:
“Our agreement with Tata Capital will help Indian entrepreneurs to quickly secure the funding they need to grow their businesses. We are thrilled to help Tata Capital expand its footprint in India’s small business finance industry, digitally.”
Financing on Biz2Credit’s platform ranges from $5,000 to $5 million and can be coordinated in as little as 24 hours for working capital, commercial real estate and other uses. The company has provided more than $1.3 billion in financing to thousands of small and mid-sized companies, while Tata Capital currently has a total book size of over Rs 42,000 crore.