Another indicator that fintech is moving mainstream is the National Directory of Registered Tax Return Preparers & Professionals’ (PTIN) selection of fintech platform Bizfi to provide its tax professionals, accountants, CPAs and their small business clients with access to funding through its aggregation marketplace via a custom referral process.
“CPAs and accountants are often the first people small businesses owners turn to when they need financial guidance,” said Bizfi founder Stephen Sheinbaum. “They need capital to grow their practices as well and want to be able to refer their clients to a reliable funding source when circumstances arise. Traditional lenders can’t always provide small business owners with the capital they need due to strict credit requirements. Bizfi can now help PTIN members and their clients meet those needs with access to our unique platform that encompasses access to financial offers, facilitation of documents, underwriting and completion of funding.”
The partnership gives PTIN’s hundreds of thousands of members access to Bizfi’s funding products, including lines of credit, short-term financing, equipment and invoice financing, medical financing, franchise financing, medium-term loans and even long-term loans backed by a guarantee from the U.S. Small Business Administration. Members are able to leverage these solutions for their own businesses as well as refer their small business clients to Bizfi to speed the process of applying for and receiving capital.
Founded in 2005, Bizfi’s platform leverages APIs from a wide variety of sources to quickly offer loans and other capital products to small businesses; Bizfi and its family of companies have provided more than $1.7 billion in financing to more than 31,000 small businesses in a wide variety of industries across the United States. Bizfi’s technology counts on the strategic relationships with more than 45 funding partners, including OnDeck (NASDAQ: ONDK), Funding Circle, IMCA Capital, Bluevine and Kabbage. Bizfi also participates as a lender on the platform.
“Since its inception, PTIN has been committed to providing its members with innovative tools and programs to support the growth of their professional practices,” added PTIN President Michael Rosedale. “Bizfi’s technology and expertise, and its more than 10 years of experience providing financing options to small businesses will equip PTIN members and their clients with the tools to quickly find the right funding to meet their needs.”