Bizfi is adding broader business line of credit offerings thanks to a new collaboration.
The company announced Wednesday (Dec. 14) that it has partnered with InterNex Capital, an online lender, to offer asset-based revolving lines of credit. The offering is geared towards manufacturing, wholesale, trucking and other businesses and can link borrowers to financing between $250,000 and $5 million, the companies said.
“Our goal is to provide every small to mid-sized business with the right product,” stated Bizfi CEO John Donovan. “We saw an uptick in manufacturing, transportation, logistics and other sectors that would benefit from having an asset-based lending option, so we found a partner that could meet this demand.”
“InterNex offers a great product for businesses looking to access a revolving line of credit based on account receivables with a considerably higher financing threshold,” Donovan continued. “They make a welcome addition to the Bizfi marketplace.”
According to Bizfi, its online lending marketplace currently links borrowers to 45 lenders, though Bizfi also acts as a direct lender.
In another statement, InterNex Capital CEO Paul DeDomenico said the company is aligned with Bizfi’s own vision for SME lending.
“We shar the same vision of providing customers with the optimal financing solutions through an integrated technology platform that can help them develop and grow their businesses,” the CEO said.
The partnership with InterNex comes after Bizfi released its latest quarterly figures, with Q3’s performance a bit lower than Q2’s. The data, published in November, said Bizfi facilitated over $127 million in SME loans in the third quarter, down from $144 million in Q2. Regardless, Bizfi said the results were positive and, at the time, highlighted the strong demand among manufacturers for its financing services. B2B companies, like manufacturers and wholesalers, saw a 15 percent increase in their funding, the company said.