The SBA CARES Act, including the Paycheck Protection Program, is now law. It includes some relaxed qualification criteria when compared to a traditional SBA 7(a) loan, making it a viable option for business owners seeking funding.  What is the Paycheck Protection Program? The SBA Paycheck Protection Program is the official name of the $367 billion in funds allocated by congress and administered by the Small Business Administration (SBA). It’s part of the 7(a) loan program with the goal of providing Read More

The President has signed the Coronavirus Aid Relief and Economic Security Act (CARES Act), which includes a number of programs to help small business owners. There are still details being worked out, but our goal here is to answer common questions about the Paycheck Protection Loans that will be made available soon under that law. These loans are a modification of the popular SBA 7(a) loan program for the specific purposes of assisting small businesses affected by coronavirus.  Please keep Read More

Earlier today, President Trump signed the CARES Act into law, approving $367 billion in relief to small business owners through SBA lending. Nav is committed to helping the government and SBA lenders get those funds into the hands of business owners as quickly as possible, and we are uniquely positioned to help. With that in mind, today I sent this letter to the Congressional leaders in our country in hopes of supporting their efforts to drive relief to small businesses Read More

Small business owners impacted by the coronavirus crisis may want to consider an SBA Economic Injury Disaster Loan. These loans are attractive for several reasons, including: Low fixed interest rates: 3.75% or 2.75% for non-profits Long-term repayment of up to 30 years No prepayment penalties Payments deferred (interest accrues) Here are answers to some common questions from small business owners. Note, we have gathered this information from a variety of SBA sources and strive to provide helpful guidance, but do Read More

Need to access cash for your business? Well, you know that when you take out a loan or use a credit card, you’ll have to pay interest on the money you borrow. The interest percentage depends on the type of financing, market conditions, and your credit score. However, not all loan types express interest with an annual percentage rate. Instead, some use a factor rate. What is a factor rate and how does it compare to a standard interest rate? Read More

As the coronavirus ravages businesses, small business lenders are re-evaluating their underwriting policies, along with reviewing their risk tolerances for those industries that look like they may be hit hardest by the disruption. We’ve been talking with our lending partners all week on their changing underwriting policies and updating our proprietary MatchFactor algorithm to make sure we’re giving Nav customers the best financing matches based on the real changes lenders are making right now. (You can sign up for free Read More

The right IT equipment can make a world of difference in many businesses. It can help your company run more efficiently, improve your bottom line, and help you to stay ahead of the competition.  Unfortunately, buying the right IT equipment can also be expensive. Many business owners rely on financing to purchase the equipment their companies need to operate.  If you’re searching for IT equipment financing, this guide will help you discover what to look for in a lender. We’ll Read More