Platform Expands Small Business Advisory Services Role for Firms
NEW YORK (Dec. 7, 2021) –The CPA Business Funding Portal, a cloud-based financing platform for accounting firms developed by CPA.com and leading fintech Biz2Credit, has added a business term loan option for CPA firms’ small business clients. Existing users of the portal can offer term loans to their clients immediately, while new subscribers can begin offering the service later this week.
The CPA Business Funding Portal has been a highly effective platform for CPAs and CPA firms assisting clients with government-backed business relief, such as funds distributed through the Small Business Administration’s Paycheck Protection Program (PPP). With a user-friendly dashboard and other streamlined loan management tools to ease the process, the portal has allowed users to process and obtain around 40,000 PPP loans, securing over $1 billion in business relief for their clients.
Adding the term loan financing option to the portal is a natural extension of capabilities for CPA firms, particularly as the recovery continues, and reflects the key role firms play in guiding critical business decisions for clients.
“CPA firms played a critical role in supporting small business owners throughout workplace shutdowns and the emerging recovery,” said Erik Asgeirsson, President and CEO of CPA.com. “As trusted advisors, they’re being asked to do more for their clients and need sophisticated tools to deliver these services efficiently and effectively. The evolution of the CPA Business Funding Portal reflects this expanding role, as well as the profession’s swift movement into business financing advisory services.”
Features of the portal’s expanded functionality include:
- Competitive financing terms, including a discount on the cost of financing for CPA clients, amounting to approximately 1.00-2.00% on the loan annual percentage rate (APR), depending on loan amount
- Quick turnaround on loan decisions thanks to the power of fintech
- Funding amounts ranging from $25,000 to $1 million
- Non-variable interest rates for loans secured through Biz2Credit
- An all-online application and closing process
- Option for firms to earn commissions on funded financing applications
“The ability to capitalize quickly on opportunities can be a huge difference maker for small and medium-sized businesses,” said Rohit Arora, co-founder and CEO of Biz2Credit and a leading expert on small business finance. “With our industry-leading business funding platform, the time between filling out an application and having the funds in hand can be as little as 72 hours. Now, thanks to the new features on the CPA Business Funding Portal, CPA firms can provide this excellent service speed to their small business clients.”
Tony Khait, CPA, PFS, the owner of Eco-Tax, Inc., a Brooklyn-based CPA firm, used the CPA Business Funding Portal over the past year to secure PPP funding and forgiveness for clients. He says he now plans to leverage the platform to support his clients’ business financing needs.
“No one knows my clients’ businesses better than my staff and me,” Khait said. “We’re looking at their financials every day. We know their short and long-term business goals. With the CPA Business Funding Portal, we can strengthen our connection as their trusted advisor by recommending the right term loan to meet their unique needs.”
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.
Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.
A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.
Founded in 2007, Biz2Credit has arranged more than $7 billion in small business financing. Biz2Credit is focused on funding what’s next for small business. The company leverages data, cash flow insights, and the latest technology to give business owners an automated small business funding platform to fit their financial needs. With over 500 employees globally, the Biz2Credit team – made up of top-notch engineers, marketers, and data scientists – is building the next generation in business lending solutions.
Biz2Credit has been named to the Inc. 5000 and Inc. Magazine’s Private Titans list for 2020, is a three-time winner of the Deloitte Technology Fast 500 and was named a Great Place to Work in 2020 and 2019. Visit Biz2Credit.com to learn more about the company.