OYO, which claims that they are the fastest-growing chain of hotels, homes and spaces, has partnered with Biz2Credit to provide working capital and commercial real estate loans to existing and aspiring hotel partners throughout the United States market.
Biz2Credit will look to aid OYO’s efforts to provide hotel owners with fast financing for renovation, redesign, infrastructure upgrades, investment in technology and for improved revenue management and operations.
Biz2Credit uses technology to connect small business owners with financing options based on the customer’s business profile. The company also partners with banking institutions willing to work with them, particularly on short term loans.
The CEO of Biz2Credit Rohit Arora said, “This will be a mutual referral agreement in which Biz2Credit will also refer its hotel clients to OYO for potentially opening new OYO properties. We are proud to partner with a growing global hospitality company that has brought its successful business model to the real estate owners across the United States. Biz2Credit helps streamline the financing process and saves time, effort, and cost in order to get business owners the best financing options available today.” OYO has a wide range of investors, including Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise.
The small business lending sector has taken off online, with Biz2Credit arranging more than $2 billion in financing since its inception in 2007. The company also has expanded the use of its technology by partnering with large banks and other financial institutions. Fintech small business companies will often lend at higher interest rates than traditional banks to help fund short term loans for growing businesses.
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