With the U.S. Small Business Administration (SBA) actively seeking new ways to help small business owners secure financing during the current credit crunch, Biz2Credit and CPA.com have introduced a new SBA 7(a) lending option “to the CPA Business Funding Portal, a cloud-based platform that supports accounting firms in securing business financing options for clients.”
As small businesses have increasingly “looked to accountants to guide their financing needs, the portal has continually added new financing options, including working capital, term, Employee Retention Credit (ERTC), and now SBA 7(a) loans.”
Rohit Arora, CEO and co-founder of Biz2Credit, said:
“Rising interest rates and the tightening of lending at big banks, as well as small and midsized banks, have combined to create a credit crunch for small business owners in need of capital. We are proud to partner with CPA.com to expand the options available through the CPA Business Funding Portal to help business owners get the funding they need through the SBA 7(a) program.”
The CPA Business Funding Portal was “developed specifically to support the advisor’s role in the lending process and provides a 100% online financing application process, a consolidated dashboard for client management, firm-wide collaboration with user role management, time-saving integrations with client payroll and bank accounts, and application preview and modification features.”
Erik Asgeirsson, President and CEO of CPA.com, said:
“In an increasingly complex economic environment, small and midsize businesses need a trusted advisor to help navigate complexity and manage cash flow. Financing advisory is a growing area within client advisory services (CAS) practices, and the addition of the SBA lending option to the CPA Business Funding Portal better positions firms to deliver more holistic financing guidance and secure the capital their SMB clients need to run their businesses and invest in future growth.”
The SBA 7(a) loan option “is ideal for smaller businesses due to its lower down-payments, competitive interest rates, and longer-term financing.”
These loans “provide opportunities for small business owners who may not be eligible for other lending options to secure funding.”
Available in amounts up to $5 million, SBA 7(a) loans “can be used for short- and long-term working capital, refinancing current business debt, purchasing and installation of machinery and equipment, and purchasing furniture, fixtures, and supplies.”
CPA firms and accounting professionals can “access the SBA lending program for their clients through a portal subscription.”
The platform is “driven by Biz2Credit’s industry leading Biz2X® digital lending platform technology.”