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Biz2Credit is focused on funding what’s next for small business. We leverage data, cash flow insights, and the latest technology to give business owners an automated small business funding platform. Biz2Credit has provided over $3 billion in small business loans and financing. With over 350 employees globally, our team – made up of top-notch engineers, marketers and data scientists – is building the next generation in business lending solutions.
Overall Satisfaction Rating
- 5 stars26
- 4 stars6
- 3 stars6
- 2 stars6
- 1 stars142
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I don't even know where to start. It has honestly become almost a traumatic experience working with BIZ2CREDIT. I have been a part of a forum where some have even had to close down permanently after being in limbo. Here is a summary of my experiences... 1.) 1st round PPP successfully funded 2/2/21. 2.) Application submitted with ALL documents for 2nd round. 3.) Signed form 2483 on April 5th.
4.) Over a week later, I was informed I needed to connect my bank account to verify they will not return the funds if deposited. (Even though I used the exact same banking information as 1st round.) This turned into quite an ordeal. First off, on Yodlee, my bank wasn't on their webpage as a choice for verification, even though on their master list of accepted banks it was listed. I was informed that I needed to enter it in manually, although the option to do that was no longer available.
5.) Finally, they said to verify through Decision Logic, but sent me a link that was for the wrong division of my bank. I informed them that being a sole proprietor, my account was a personal account. Then I received an email where an employee straight out LIED to me. He said, "The link I sent you is functioning for both personal and business accounts." The issue was that they were sending me directly to the business login portal, and I had repeatedly told numerous individuals that this was wrong. (AxosBank.com/business)
I called Decision Logic and spoke to their client support department directly. They said that not only were they sending me to the wrong portal, but the employee from Decision Logic looked further into it and saw that many others had also had the same issue, and were not able to verify. She went on to tell me that as far as she could see, no one from BIZ2CREDIT had contacted them about this, and I was the first to bring it to their attention. I was then told the steps for BIZ2CREDIT to take to correct this. I passed this information on and continued to receive random emails telling me to upload documents I already had done...etc.
Finally weeks later I was asked for my updated phone number, repeatedly again, and I had replied within minutes of receiving their request. A few days later I received a phone call, and I explained what I needed him to do, (send me a link to verify account through axosbank.com/personal, not AxosBank.com/business). He did that and I was logged in and verified within minutes. (Had they done this 3 weeks earlier it would have saved everyone the wasted time.)
6.) After my bank was verified on Friday 23rd of April, I was told to expect closing documents. 7.) Monday 4/26 After I emailed for an update, I logged into my account and it kept saying to upload documents again that I already had uploaded a month previously, almost. 8.) Tuesday 4/27 I received another request for me to go through my bank statements and highlight which items were expenses paid for PPP forgiveness. 9.) Replied with requested statements highlighted approx 2 hrs later.
10.) Wednesday 4/28 I logged into my account and my application is now missing and there is a NEW BUTTON asking if I WANTED TO APPLY FOR ROUND 2!!! Even though my Caweb still shows my Etran number as active undisbursed. So I'm praying it is a glitch. I will update as soon as I know. All of this occurred while I sent daily emails asking for updates and never received replies except when they were seeming to stall and sent emails that were repeats of previous emails and already done. The first round was flawless, so I am beyond upset about how the 2nd round has gone. I hate writing online business reviews as I know the damage that can occur from them, but I owe it to fellow small business owners to make them aware.
Every negative review here is spot on!!! I applied for my first PPP draw in January. I had questions, emailed them several times and never got a response. Fortunately after a few weeks, I received my PPP. I applied for my second draw a couple weeks ago and am stuck in this "More Information Needed" limbo. They don't respond to emails and if you have any questions or concerns, you are on your own. Getting your money will be 50/50 odds....Do not apply with Biz2Credit!
Please be wary of this company as they did more harm then good in processing my PPP loan. I applied back in February and almost two months later I received an email indicating that my loan was approved by the SBA, given a loan number, submitted my business bank account information for deposit, signed the required 2483 form and used an automated system to verify my banking information. I received an email that I should expect the loan to fund in 7 business days. Following that, I began receiving emails to provide the same banking information that I had already been provided. (I provided it again.) I wrote emails and tried calling my supposed account manager "Sam P" - but his voicemail box is full. No one ever responded to my inquires.
I recently received an email that my application was withdrawn for failure to provide information. What makes this most frustrating is that because Biz2Credit has submitted a PPP application on my behalf I cannot have another loan processed by a different company because Biz2Credit has reserved my loan information with the SBA by submitting an application in my name. Essentially, this business has prevented me from obtaining a PPP loan despite being in need of the same.
I can't get a straight answer out of my loan officer. I signed my promissory note on 4/14 and I still have not been funded. I was told my bank sent it back (they didn't per the bank) and when I told the loan officer that wasn't true then it changed to being under re-review with a very rude response from said loan officer. I would just like a straight answer regarding funding as I have submitted everything, signed a promissory note, and have an active loan through the SBA. If they can't/won't be funding my second draw loan, it would be nice if that was just told to me so I could go through a different lender.
I have been approved by the SBA since March 12, 2021 and until today April 23, 2021 I still didn't receive my funds. My status on the SBA site says "Active and Un-disbursed". So, people who are saying that the lender has 10 days to disburse the funds are either wrong or what the company is doing is wrong. I would suggest to stay away from them if you want funding and no complications. They are the exact opposite of who they tend to show on their website. Please, STAY AWAY!!!
I applied for a PPP loan through Superior Business Management. Unbeknownst to me, they connect me to Biz2Credit to arrange the PPP loan funding. I fill out the online information and upload all the requested documents. No matter what I give them, the status is always "more information is needed. Now they want me to link my business bank account through "Yodlee". I contacted my bank, who also does PPP loans and they told me there is no good reason for the request. I looked up Biz2Credit on this website and find out many other business owners experiencing the same results. I am sure many others are getting the same emails as below from Biz2Credit.
"Biz2Credit is still requesting the following to proceed with your loan application. If the link expired, you can request from any Biz2Credit representative that contacted you via email to resend the link: Kindly upload the following document so that we can proceed with your PPP application. 1) Connect Yodlee – We would like to inform you that we have shared the Yodlee link in your registered email address. Kindly check your Junk/spam/promotional folder as well."
I got my first draw loan with Biz2Credit. They sent me a email to apply for my 2nd draw. After waiting for weeks and getting approved they withdrew my application without any information why after connecting my bank. What is going on? Is this a scam!!
Horrible experience. I made the horrible decision to apply in mid January and my application was just in limbo for weeks. I made the decision to withdraw and was told it was withdrawn. March 6 I saw it was approved in caweb (even though it was supposedly withdrawn). I had no idea and was never informed, there was no communication, nothing. I didn’t find out until last week that it was them (and not the new company I was trying to apply to). Well now, Biz2Credit is saying that my application was withdrawn when I asked, but it’s somehow supposedly still under review with SBA. They told me there’s nothing they can do on their end and to contact sba. Well of course sba is no help at all so now I’m just stuck, with no funds to assist my company. What a fraudulent, corrupt company out here ruining other companies. I will never recommend you.
Received SBA/Etran # but all of a sudden when I logged in today, nothing is there and it says withdrawn. It doesn't even show the etran# anymore. Very confused and concerned that all of the info is just gone.
Avoid this company if you can. It seems as if Biz2Credit was created only to make money off of PPP loans and they have no experience in lending. I am surprised the SBA didn't vet their lenders better. There is no way to actually contact them and speak with anyone, if you contact your loan "specialist" there is never any response. Loans get "approved" by SBA and then sit in limbo with Biz2Credits partner Atria Ventures. There also seems to be no options for actually applying for forgiveness, which is what I think they are going for because that is where they would gain financially. We found them through the SBA referrals because they were the only ones accepting applications at the time, which I now know why.
Biz2Credit Company Information
- Company Name:
- Company Type:
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- 1 Penn Plaza, 45th Floor
- New York
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- United States
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