Profiles · Principals
- Type
- Person
- Role
- Executive
- Programs
- PPP
- Updated
The profile
Co-founder and CEO of Biz2Credit, whose subsidiary Itria Ventures was a PPP lender of record. Biz2Credit and Itria agreed to a $33 million FTC judgment in March 2024, neither admitting nor denying the allegations.
Identity and role
Rohit Arora is co-founder and chief executive of Biz2Credit, a New York online small-business lender he started in 2007 with his brother Ramit Arora, who serves as president. The company lends through its subsidiary Itria Ventures LLC and licenses a bank-facing lending platform, Biz2X. Arora has run the company since its founding.
The March 24, 2020 letter and pandemic relief
Arora signed the March 24, 2020 fintech coalition letter (published under OnDeck's banner) to Congressional leadership as "Co-Founder & CEO" of Biz2Credit (archived letter text). The letter urged Treasury to push "upwards of $500 billion" to small businesses through non-bank and online lenders and declared, "We seek no gain from this crisis."
Biz2Credit became a PPP lender of record through Itria Ventures. SBA loan-level data show 172,831 funded Itria PPP loans worth about $4.867 billion; SBA's February 15, 2021 lender report ranked Itria third by 2021 dollars approved to that date, behind JPMorgan Chase and Bank of America.
In March 2024 the FTC settled with Biz2Credit and Itria Ventures for $33 million (FTC v. Biz2Credit, Inc., No. 1:24-cv-02001, S.D.N.Y.). The FTC alleged the company deceptively advertised that PPP applications would be processed in an average of 10 to 14 business days when the real average ran well over a month, and that it ignored applicants' pleas to withdraw, sometimes preventing them from seeking funds elsewhere. The stipulated order states the defendants neither admit nor deny the allegations. Biz2Credit was not named in the December 2022 House fintech-PPP report.
Where they are now (2025–2026)
Arora remains co-founder and CEO of Biz2Credit, which is private and active.
Sources held in this archive
Original source documents and archived captures
- FTC v. Biz2Credit, Inc. case page
- FTC, "FTC Actions Against Companies Making Deceptive Pandemic Loan Promises Lead to Record $59 Million in Damages" Ma...
- FTC complaint Biz2Credit
- OnDeck fintech-coalition letter to Congress, Mar. 24, 2020 (archived text)
- SBA 2021 PPP lender report Feb 15, 2021
Sources
- FTC, "FTC Actions Against Companies Making Deceptive Pandemic Loan Promises Lead to Record $59 Million in Damages" (Mar 18, 2024): FTC, "FTC Actions Against Companies Making Deceptive Pandemic Loan Promises…" March 2024 (original: ftc.gov · stored capture)
- FTC v. Biz2Credit, Inc. (case page): FTC v. Biz2Credit case page (original: ftc.gov · stored capture)
- FTC complaint (Biz2Credit): Biz2Credit Complaint And Exhibits Pdf B58D1Bf3Da2C127E (original: ftc.gov · stored capture)
- SBA 2021 PPP lender report (Feb 15, 2021): Report - Ppp Report Public 210215 508 Pdf B24444Ed62C611Bd (original: sba.gov · stored capture) (link now dead; copy taken from the Internet Archive, 17 February 2021)
- OnDeck letter to Congress (Mar 24, 2020): OnDeck letter to Congress Mar. 24, 2020 (original: ondeck.com) our copy of the letter
- Biz2Credit management team: Biz2Credit management team, Jonathan Gitlin (original: biz2credit.com · stored capture)
- Wharton FinTech interview with Rohit Arora: https://medium.com/wharton-fintech/rohit-arora-ceo-and-co-founder-of-biz2credit-building-the-next-generation-of-business-lending-5a46343be857
- LinkedIn, Rohit Arora profile (self-reported): LinkedIn, Jon Coss (original: linkedin.com)