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Novo Announces Results Of Working Capital Pilot Program For Small Businesses
Novo, the powerfully simple® financial platform for small businesses, today announced that it is conducting a pilot of its working capital program that to-date has originated more than $20 million in merchant cash advances to small business owners.
“For people who are running businesses that are bringing in less than $500,000 in annual revenue, their options for borrowing money are extremely limited,” said Michael Rangel, CEO and co-founder of Novo. “Small business owners can find themselves either taking on extremely high interest credit card payments when they need to borrow a few thousand dollars, or going through a drawn-out approval process with their bank only to find out that they do not meet the bank’s revenue requirements for a loan.”
He added, “At Novo, we’re building a working capital product that truly serves the needs of small business owners — one that can quickly analyze their revenue streams, and offer them the capital they need and at a rate that is fair.”
Novo is currently conducting a pilot for the company’s small business working capital. Over the last six months, Novo has worked with more than 3,000 Novo customers to provide access to as much as $50,000 in flexible working capital. Upon the completion and analysis of the pilot, Novo will launch its working capital program to Novo customers in the coming months.
Novo Funding is the latest in a series of capabilities Novo has launched to help small business owners improve their cash flow:
- Novo recently announced enhancements to Novo Invoices to help small business owners receive payments faster.
- In 2022, Novo launched Novo Boost for giving small businesses and the self-employed same-day access to payments received through Stripe, and Express ACH for processing same-day ACH payments. With Novo Boost plus Express ACH, the typical week-long process of moving money from an e-commerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day.
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