Daily News: March 14, 2019

BitX Secures Funding for Floor Coverings International

BitX Funding secured financing for Floor Coverings International, a local entrepreneur in Greenwich, CT, within 48 hours.

Floor Coverings owner, Dylan O’Connor, credits the “painless and efficient process” of loan application, approval and funding from the online marketplace that serves local, small business by pushing through the borrower bottleneck.

“With very little effort on my end, BitX came to the rescue and plugged me right in,” said O’Connor.

Having been in business less than a year, a hurdle for financing, and needing to tap additional funds, BitX was able to streamline the datapoint review and match O’Connor with a lender. BitX Funding acted as a broker for him as they have done for hundreds of small start-ups and franchisees that are small but mighty contributors to the local economy.

“The process was super-fast,” said O’Connor.

“My client’s businesses are growing in revenue, but they need the bridge that BitX could provide,” said Todd Rowe, president of BitX Funding, who earned trust, insight and expertise as a lending middleman by navigating numerous clients through the crash of 2008.

The focus on small business is particular, and a niche that fills an underwriter gap for banks as well, who tend to focus on larger loans and see clients as a number. Rowe’s process embraces details that are seen as attributes to broker a borrower-lender match. The BitX marketplace offers a diverse group of lenders including but not limited to American Express, On Deck Capital and Lending Club, as their relationships allow for better rates and preventing credit mistakes when going direct.

Further anticipating the needs of small business, BitX Funding also offers business insurance (underwritten by Chubb).

Since 2013, BitX Funding has generated over $10 million in funding for small businesses nationwide. As an active member and board member of the Fairfield Chamber of Commerce, Rowe’s corporate initiatives are also in line with his mission of galvanizing the local Connecticut economy.

With BitX Funding he looks forward to continued growth by connecting the community – and small businesses nationwide – with lenders who provide an array of financial products such as SBA, start-up, short-term, mid-term loans and more.