Nationwide is taking the next step in a venture capital investment it made last year in online small business lending company BlueVine by offering BlueVine financing to small businesses through its Business Solutions Center. The BlueVine platform offers approvals in as fast as 10 minutes.
“Nationwide serves over 1 million small businesses and is No. 1 in customer satisfaction with small commercial insurance[. We’re committed to small business owners and proud of the connections we make with companies like BlueVine to help them move their businesses forward,” said Tony Fenton, vice president of Nationwide’s Underwriting, Product & New Product Development. “Helping those business owners protect what’s most important to them and plan for a secure financial future is at the core of what we do.”
According to recent data[, most U.S. small- and medium-sized businesses have less than one month’s cash buffer. Cash buffer days are the number of days of cash outflows a business could pay out of its cash balance were its inflows to stop.
And while access to working capital is critical to business growth and stability, small businesses traditionally struggle to get the financing they need. From a 2017 Federal Reserve Bank study[:
● 40 percent of employer firms applied for financing in the previous 12 months;
● 75 percent sought less than $250,000;
● 54 percent of applicants failed to get the full amount they needed; and
● 24 percent received no funding at all.B
Completing a BlueVine application takes minutes, and approvals can be delivered in as little as 10 minutes. The company provides lines of credit up to $250,000, and invoice factoring up to $5,000,000 in funding availability.
“We’re thrilled to be working with Nationwide to expand access to financing for small business owners” said Eyal Lifshitz, founder and CEO of BlueVine. “Our platform was designed specifically for business owners who are looking to take their business growth to the next level but need flexible working capital support to get there. By making working capital financing fast, easy and flexible for business owners, we’re delivering on our mission – to expand access to capital for small business owners. This mission-driven focus is a strong compliment to Nationwide’s stewardship in the small business community.”
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