Bizfi Originates Over $127M in Financing to Small Businesses
Bizfi, the premier fintech company with a platform that combines aggregation, funding and a marketplace for small businesses, announced they have originated more than $127 million in financing in the third quarter of 2016.
The top sectors seeking financing through the Bizfi marketplace include manufacturing, retail, business-to-consumer (B2C) services (daycare, cleaning for example) and B2B services. Funding to the manufacturing sector doubled, while retail showed a 23 percent increase, B2C services rose 20 percent and B2B funding rose 15 percent.
“As small businesses are the backbone of the U.S. economy, the growth in manufacturing, retail and the service sectors signal that our economy is strengthening and consumers have more discretionary income. Our financing data indicates that businesses are turning to the Bizfi platform to expand and accommodate this uptick in consumer demand,” said Stephen Sheinbaum, founder of Bizfi.
Businesses in these states sought out more capital from Bizfi in Q3 year-over-year:
- Michigan – 37 percent increase
- Pennsylvania – 36 percent increase
- Georgia – 24 percent increase
- New York and Texas- 10 percent growth
John Donovan, CEO of Bizfi commented, “The demand Bizfi is experiencing on the platform corroborates the results of our Small Business Growth Survey, which found that business owners are investing more in their companies and preparing for growth. As we move into 2017, we will continue to support the nation’s innovators and young businesses that are unable to secure funding from banks to foster growth.”