Fintech lender Bizfi closed $127 million in small business loans in Q3/16.
Small businesses in manufacturing and retail are some of the top sectors using the Bizfi marketplace to access financing, either directly from Bizfi or the dozens of partners available on the platform.
“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, Bizfi founder.
Businesses in the following states sought out more capital from Bizfi in Q3 year-over-year:
- Michigan – 37% increase
- Pennsylvania – 36% increase
- Georgia – 24% increase
- New York and Texas both experienced 10% growth, with significant volume increase