A Letter to Congress From Nav’s CEO Greg Ott

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

Applied for an SBA Disaster Loan? You Need to Monitor Your Credit ASAP

Business owners around the U.S. may have just had their identities compromised by the SBA site designed to help them. If you had trouble accessing the SBA.gov site the past few days to apply for disaster assistance loans, you’re not alone. The application portal was showing a maintenance message for most of the day as thousands of business owners around the country rushed to apply for much-needed COVID aid. According to reports out of D.C., the SBA was alerted to Read More

Frequently Asked Questions About Applying for SBA Disaster Loans Due to Coronavirus

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

COVID-19 Resources and Guidance by State

If there’s a silver lining in the coronavirus pandemic, it’s that people and organizations have quickly banded together to provide support for one another. Given how hard this is hitting small businesses, it’s great to see organizations, both at the national and local levels, jumping to provide aid and guidance to entrepreneurs. Below is a list of COVID-19 resources and guidance by state. This list of resources is by no means exhaustive, but we will do our best to update Read More

What are Factor Rates and Why Do They Matter for Your Business Loan?

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

Employer Questions About COVID-19

With new “stay in place” orders being executed in more cities and states every day, employers like you are, understandably, concerned about how they will continue to pay employees. And given that your employees might be twiddling their thumbs with no customers able to come to your location, are you on the hook to continue to pay them if there’s nothing for them to do? Here are the answers to some employer questions about COVID-19. While you may not have Read More

Applying for a Business Loan Is Changing Due to COVID-19: Here’s What It Means

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

7 IT Equipment Financing Options in 2020

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

This Service Provides Free Expert Advice for Your Small Business Debt

Trying to figure out how to handle your business debts? Expert advice for your small business debt is available. Here’s how to get the answers you need.  Michael Bovee has decades of experience helping small business owners in financial crises. He started helping them with their debts in 2001 after the “dotcom” crash. In 2008, he was flooded with requests for help from plumbers, framers, landscapers and “basically anyone working in the housing industry,” he says. An expert in debt Read More

This 0% Interest Small Business Loan Just Got Better

For some small business owners, a small loan may be what they need to help their business pivot in our rapidly changing economy. Kiva, an online small business lending platform offering 0% financing with no fees, is expanding its program in an effort to help more businesses affected by coronavirus.  Kiva announced that effective immediately, U.S. applicants for a Kiva loan will have access to the following: Expanded eligibility: More businesses in the US will be eligible for a Kiva Read More