NewswireToday - /newswire/ -
New York, NY, United States, 2008/12/15 - A community bank partners with Biz2Credit, an online small business marketplace that connects entrepreneurs to financing solutions, to improve credit access for small businesses in need of working capital.
Public Savings Bank is joining Biz2Credit’s lender network to extend credit building financial products to the small business community.
Primarily targeting small business owners with poor or no credit history, the new strategic partnership between Biz2Credit and the long-standing Pennsylvania commercial bank will help business owners establish credit, a key anchor for future success.
“Public Savings Bank’s secured credit card offers a chance for small business owners to build or improve their creditworthiness,” said Rohit Arora, co-founder and CEO of Biz2Credit. “Many ethnic minority small business owners coming to the United States for the first time do have an established credit history and therefore can’t access affordable financing solutions to start their business.”
Biz2Credit’s platform matches small business owners with the best loan product in the marketplace based on their business profile, creditworthiness and financing preferences. Credit offerings by Public Savings Bank will be part of the engine.
“Building good credit is critical at a time when credit is getting harder to obtain. This card allows the customer to build good credit while enjoying very favorable terms.” said Bob Wexler, Executive Vice President of Public Savings Bank. “There is no income, credit or employment verification so the application process is highly streamlined.”
Business owners can deposit anywhere between $300 and $250,000 into a Public Savings Bank FDIC-insured deposit account. The card functions like any other credit card where the customer can make purchases up to the deposited credit line amount. Payments are reported to all 3 major credit bureaus thus establishing the credit history. The secured card features zero percent interest for the first six months, then a variable rate at the prime rate plus 7.99 percent. Additionally, there is no annual fee for this card.
About Biz2Credit, LLC
Founded in 2006, Biz2credit (biz2credit.com | biz2credit.in) is a small business marketplace that creates a competitive environment of service providers and lenders to empower small business owners. The online platform matches entrepreneurs with credit solutions based on their business profile and preferences in a safe and price-transparent environment. Biz2Credit is headquartered in New York City with offices in Pennsylvania.
About Public Savings Bank
Public Savings Bank (publicsavings.com) is an FDIC insured bank founded in 1926, providing customer-friendly secured credit cards to help build or reestablish good credit history. Their advanced technology for commercial banking gives amazing cash management tools plus allows customers to make deposits from their desk anywhere in the world. All deposit accounts are insured up to FDIC limits.