NEW YORK--(BUSINESS WIRE)--Small business alternative lending company Merchant Cash and Capital (MCC) and its family of companies, including the newly launched Bizfi, announced today the origination of more than $115 million in business financing in the second quarter of 2015. This represents a 79 percent increase from Q2 2014 and a more than 20 percent improvement compared to the first quarter of 2015.
"Since the launch of Bizfi in April, we have experienced an overwhelmingly positive response from small business owners to the wide range of financing options we offer," said Stephen Sheinbaum, Founder of Merchant Cash and Capital and Bizfi. “Our ability to provide more capital to business owners is a result of improved technology, shortened approval process and faster funding times."
The top sectors seeking financing through MCC and Bizfi are construction, retail, restaurants and travel. In addition, several new industries began looking to alternative lenders this quarter, including architecture and engineering, information retrieval and airlines. The average funding amount across all small business sectors was approximately $40,000 per transaction.
"It’s very difficult as a small business owner today to find funding from traditional sources, and we have been turned down from banks in the past," said Headquarters Barbershop owner and Bizfi customer Shawn Daniel. "We needed access to capital very quickly in order to secure our second location, and Bizfi helped. The entire process took less than a week, enabling us to open our second shop, employ more local workers and expand our business."
The significant increase in financing originations is in large part due to the launch of Bizfi, a connected online marketplace designed specifically to help small businesses compare funding options from different sources of capital and get funded within days.
Current lenders on the platform include Fundation, OnDeck, Funding Circle, CAN Capital, SBA lender SmartBiz, as well as financing from MCC itself. Financing options on Bizfi include short-term funding, equipment financing, A/R financing, SBA loans and medium term loans.
About Merchant Cash and Capital / Bizfi
Merchant Cash and Capital, LLC (MCC) combines technology and unmatched customer service to provide funding for businesses around the country. With its ASAP (Automated Submission and Pre-Approval System) technology, MCC enables businesses to instantly secure funding pre-approvals. Bizfi combines proprietary technology and unmatched customer service to instantly provide multiple funding options to businesses. Designed for small businesses, Bizfi's connected marketplace brings together a wide variety of funding partners to present solutions and offer real-time approvals. A process that once took hours, now takes minutes. MCC and its family of companies has originated more than $1.1 billion to over 21,500 businesses.
See how much you qualify for by visiting www.bizfi.com.