New line of credit business offering

Another small business lender adds line of credit product.

Wednesday, November 20th 2024, 9:32AM

Small business lender Bizcap has added a Business Line of Credit product that gives New Zealand SMEs on-demand access to funds without reapplying for each draw. It says this helps firms manage cash flow, cover unexpected expenses, and pursue growth opportunities.

Businesses are charged only for funds they use, making it a cost-effective solution tailored to shifting financial needs.

"New Zealand's SMEs are critical to the economy, and we're pleased to bring one of our most in-demand products to the market—a flexible funding option that aims to support their operational and growth needs," Bizcap New Zealand general manager Camilla Tumai says.

"Our Line of Credit is designed to offer reliable access to working capital, allowing small business owners to manage their finances without the need for repeated loan applications."

Bizcap's Line of Credit serves various industries, from retail and construction to services, enabling New Zealand business owners to manage key expenses like stock purchases, payroll during seasonal lulls, and expansion planning.

Product Highlights

Flexible Funding: Approvals up to $300,000, with on-demand access through an online portal
Efficient Application: Quick setup with minimal documentation
Cost-Effective: Businesses pay only on drawn funds, supporting cash flow and covering unexpected expenses.

LOC customers get access to an online portal that allows for visibility of the facility. They can view and access funds, and see all the repayment options available, including early repayment discounts.

Bizcap is offering select advisers exclusive pre-launch access to bring this solution.

Tags: Bizcap SME SME lending