BizX Sees Increased Growth of its Barter Exchange Platform as Businesses Adapt and Strategize for Post-COVID Landscape

BELLEVUE, Wash., Jan. 28, 2021 /PRNewswire/ -- BizX, a community of more than 7,000 businesses that free up cashflow by trading what they have to get what they need, has continued to grow and champion small businesses as they seek to find creative means to thrive during the COVID-19 pandemic.

In the midst of a crisis for countless businesses in 2020, BizX saw membership grow by 265 members who recognized the benefits of barter, and the BizX community transacted approximately 13 million BizX dollars, the currency of the exchange. More than 1 million of these BizX dollars transacted since the beginning of the pandemic came from restaurants; due to the new circumstances of operating a restaurant, materials needed for outdoor dining, as well as PPE, saw a sharp rise since March 2020.

Not only did the businesses in the BizX community continue to find success through barter, but BizX and its members raised nearly $180,000 through its sponsorships and charitable giving arm throughout the year to 16 different charities, including Habitat for Humanity, Food Lifeline and Russell Wilson's Why Not You Foundation. These funds will go towards resources such as providing access to education, cancer research and building homes.

"As business leaders look ahead to a return to some kind of normalcy, they are also looking for creative ways to come out of this crisis as strong as possible, with the resources and cash flow they need to survive," Bob Bagga, CEO and Founder of BizX, said. "They also want someone to be a champion for them, and that's BizX's mission every single day."

Since 2002, BizX provides a community for businesses to help each other grow, particularly during times of crisis. In addition to improving their cash flow, BizX also provides members with access to a line of credit along with unique resources including webinars, community connections and sales support in various forms.

A few examples of how BizX has aided businesses during the pandemic include:

• BizX currently has nearly $10 million in lines of credit outstanding to its members, with all approved lines of credit being given at 0% interest since the beginning of COVID-19.
• Bay Area restaurants Crogan's, Otaez, and Ozumo were able to stay open longer in the Bay Area by using tents they bought from Gudcraft. At the same time. in Washington, BizX members BeachHouse, Moctezuma's, and Kafe Neo have been able to rent outdoor accessories on a long term basis from Grand Event Rentals.
• The Queen Anne Hotel in San Francisco was able to use BizX vendors for renovations while occupancy was lowered due to the pandemic.
• Fearey, a Seattle-based public relations firm, used BizX to connects its employees via varying levels of team-building exercises orchestrated by Geoteaming.

"During these uncertain times, I have been able to rely on BizX both professionally and personally," Lance Salisbury, President and Owner of National Event Pros, said. "My company transacted with a fellow business member (Gobe Productions, part of Event Experience) for their design services, which allowed me to buy gift cards for our staff this holiday season; and for my daughter's 18^th birthday, BizX helped coordinate a special dinner at the Melting Pot using strictly BizX."

"Our members and the community they've helped create are to thank for our continued growth and the momentum we've sustained through a uniquely challenging year," Bagga said. "We're so excited about continuing to make BizX better for our members, communities and the business landscape as a whole in 2021 and beyond."

To learn more or become part of the BizX community, please visit https://bizx.com/

Media Contact
Kyle Wall and Aaron Blank, Fearey
[email protected] / (570) 575-3405

About BizX
BizX is a community of more than 7,000 businesses that free up cashflow by trading what they have to get what they need – a modern day, digital barter exchange that helps businesses connect and forge new relationships where they can support one another. BizX members represent more than 120 different industries, from Fortune 500 companies to pro sports teams, regional leaders to local companies and start-ups. BizX was founded in 2002 by entrepreneur and CEO Bob Bagga and CRO Chris Haddawy. For more information, please visit https://bizx.com/.

SOURCE BizX

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