Biz2Credit Launches BizAnalyzer(TM) App for iPad, Offers Free Financial Checkup for Small Businesses Applying for Loans
Using Information from Credit Rating Agency Equifax, ToolRecommends Steps Entrepreneurs for to Increase Their Attractiveness to Lenders and Boost Their Chances of Securing Capital.
- New York, NY (1888PressRelease) July 23, 2011 - Biz2Credit, the #1 resource for small business finance and a pioneer in the use of technology by secure start-up and expansion capital, has launched its free BizAnalyzer™ Appfor iPad and iPhone(http://itunes.apple.com/us/app/bizanalyzer/id447578755?mt=8).
Utilizing information from credit rating agency Equifax, BizAnalyzer provides a free financial check-up for small business owners. The app makes the loan application process more efficient by enabling borrowers to easily download and review their credit scores. The app benchmarks the risk assessment of a small business owner against the lending criteria of 400 financial institutions and the risk profiles of industry peers.
Factoring in the credit ratings that ultimately impact credit decisions by lenders, Biz2Credit's proprietary algorithm then suggests the best loan options possible. Small business owners submit financial information including:
- Description of business assets (Real Estate, Equipment, Inventory, Accounts Receivable)
- Business Name
- Industry
- Personal Credit Score (500 -- 850)
- Age of Business (Year 1, 2, 3, etc.)
- Loan Amount Acceptable (Min $, Max $)
- Business Legal Structure (Sole Proprietorship, Corporation, LLC, Partnership, Non Profit)
- Residence Status (Own, Rent or Neither)
- Home Value
- Monthly Mortgage/Rent Payment
- Average Monthly Expenses (Other)
- Average Monthly Income
Based on a weighted formula of recent underwriting trends, BizAnalyzer generates an overall score (on a scale of 1-100%) rating the level of risk that a business presents to a potential lender. The assessment is then broken out by the following sections, based on information provided by small business owners searching for capital: Personal Credit Score, Debt-to-Income Ratio, Time in Business, Industry Risk, and Corporate Risk. The tool also can recommend products and services tailored to help increase small business owners' credit scores and improve the odds of securing funding.
Biz2Credit members who use Biz Analyzer™ for iPad are also able to request an Equifax business credit report for $49 (normally priced at $100).
"BizAnalyzer App for iPad and iPhone can be downloaded for free and enables small business owners to see a snapshot of the risk level they pose to financial institutions. It also provides advice on how to increase credit ratings and become more attractive borrowers to a potential lender," said Rohit Arora, CEO and co-founder of Biz2Credit. "BizAnalyzer can recommend measures that will help small business owners take steps to decrease their risk and thus improve their chances of getting funding."
About Biz2Credit
Founded in 2007, Biz2Credit (www.biz2credit.com) connects small business owners with lenders and service providers, thus empowering them to effectively compete with big businesses and grow their enterprises. Biz2Credit matches small businesses with credit solutions based on online profiles that can be completed in less than five minutes in a safe, efficient, price-transparent environment. Its network consists of 1.6 million members and 400 lenders, as well as credit rating agencies such as Equifax, Dun & Bradstreet, and major small business service providers including HP. Having secured nearly $400 million in funding for small businesses throughout the U.S. and currently processing 3,000+ loan applications monthly, Biz2Credit is widely recognized as the #1 credit resource for small businesses.
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