CPA funding portal expands with loan-financing option for small biz

The CPA Business Funding Portal, a cloud-based financing system for accounting firms developed by CPA.com, the technology arm of the American Institute of CPAs, and Biz2Credit, has grown to include a business term loan option for CPA firms’ small-business clients.

Existing portal users can offer term loans to their clients right away, while new subscribers can start offering the service later this week.

The CPA Business Funding Portal enables CPAs and their firms to help clients procure government-backed business relief, including Paycheck Protection Program loans from the U.S. Small Business Administration. Users have processed and received approximately 40,000 PPP loans, providing over $1 billion in business relief for their clients. The addition of the term loan financing option in the portal will enable CPA firms to aid their clients further as the economic recovery continues.

“CPA firms played a critical role in supporting small business owners throughout workplace shutdowns and the emerging recovery,” said CPA.com president and CEO Erik Asgeirsson in a statement. “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.”

The portal now provides a discount on the cost of financing for CPA clients, equivalent to approximately 1.00-2.00% on the annual percentage rate, depending on the loan amount. Funding amounts range from $25,000 to $1 million. There are also nonvariable interest rates for loans secured through Biz2Credit, as well as an online application and closing process, and an option for firms to earn commissions on funded financing applications.