Small Business Financing is Hard: Here’s How It’s Getting Easier

Small Business Financing is Hard: Here’s How It’s Getting Easier

Small Business Financing is Hard: Here’s How It’s Getting Easier

“It was so quick and easy, I was honestly shocked,” says Lolita Carrico, CEO of Forward Media & Marketing in Santa Monica CA, of her recent experience getting financing through Nav’s instant financing offer. “To my ultimate surprise, we were funded the very next day,” she marvels. 

With the introduction of instant financing, Nav has dramatically streamlined the ability for business owners like Lolita to access capital.  Nav has partnered with Enova SMB to offer instant lines of credit for qualified customers with funds available as soon as the next business day.* Nav customers can quickly and easily compare this offer alongside multiple financing options to find the right financing for their business. 

Financing For Growth

Business is booming for Carrico’s marketing agency, and she needed a line of credit so she could hire staff to serve more clients. 

Her past experiences looking for financing had left her frustrated. “Most lenders seem to pull a bait and switch and also make you jump through hoops to get funded,” she explains. But this was different. “Since it came from Nav and I trust the brand, I opened the email and decided to look at the offer. The application was quick and easy, the rate was good, and it was a true line of credit.”

Aimee Danchise, COO of Inklings Baby is another business owner who has recently found her business facing serious growing pains. Orders are coming in, and she needs cash to fulfill them. But her business doesn’t fit into the traditional bank loan model, making it hard to find the financing she needs to keep up with demand. It’s a “chicken or egg situation,” she says. 

Inklings Baby, based in Randolph, New Jersey is a majority women, part LGBTQ-owned brand that creates colorful, quirky baby toys and infant novels based on imaginary friends. Customers have placed large purchase orders, but the business needs cash to pay for inventory. 

“In a product-based business, there is a long lag time between paying the factory for the inventory and receiving payment from your customer, especially if the terms are net 60,” she explains. “We needed financing to fill in that gap so that we could meet ship windows.” 

Aimiee took advantage of her instant financing option Nav recently launched with Enova, one of their over 50 lending partners. “I was able to research the different finance companies and products available and easily compare the numbers to see the effect on our bottom line,” she says. “When it was time to move forward, I felt confident and was extremely happy with the clear communication and quick turn around.” 

Fixing the Financing Puzzle

These business owners’ challenges getting capital are not unique. It has historically been confusing, frustrating and time-consuming for small business owners to get financing. There’s uncertainty every step of the way in the long application process and wait times, from finding the right type of loan, to choosing the right lender, to understanding what is required to get approved. 

That uncertainty stops some business owners from even applying for a small business loan. Consider that nearly half (47%) of business owners responding to the Fed’s 2021 Small Business Credit Survey did not apply for financing even though they needed the funds.

Imagine a different way. One in which the business owner is in control of their information, can find out quickly what offers they may qualify for, and can then confidently choose the right loan for their small business.

That’s what Nav does. We have helped more than 1.4 million small businesses access the best financing options available to them based on their real business data – the same data lenders will look at to determine your qualifications. Now with an instant financing offer for qualified customers, Nav has made the process the easiest and fastest it can be.

Small business loan approval rates are typically between 16-18%. By creating transparency and allowing businesses to compare the options for which they may qualify before they even apply, approval rates can be dramatically higher. Nav is the only platform that combines customer business data with it’s network of lender relationships, to provide access to instant financing, making it easier than ever for qualified small businesses to get the capital they need.

One Stop Loan Shopping

Through the partnership with Nav, Headway Capital is offering lines of credit with instant approval to qualified small business owners within their Nav account. 

Nav uses real business data to help business owners compare the best options across a variety of financing offers including lines of credit, business credit cards and term loans. Customer financing recommendations are based on the lender’s eligibility criteria, including revenues, time in business, and credit. Using Nav to identify offers does not impact the business owner’s credit scores.

Nav’s goal is to make it fast and easy for business owners to find financing, as well as other solutions, with confidence. “As a busy small business owner, I don’t have time for multiple requests and tons of paperwork to ultimately get less than I need or terms and rates that aren’t desirable,” says Carrico.  

Now that she has the financing she needs, she can get back to doing what she does best: helping her and her clients’ businesses grow. 

*Financing is subject to execution and acceptance of the required line of credit agreement.

This article was originally written on February 11, 2022.

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