CPA Business Funding Portal Adds Term Loan Financing Option for CPA Firms and their Clients

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.”

A webcast on the new term loan option is available at 10 a.m. Eastern time this Thursday, Dec. 9. To learn more about the CPA Business Funding Portal, please visit cpa.com/business-funding.