Nav CEO Talks About Platform Enhancements
“Our news is really about improving and enhancing our platform to use real-time business data to uncover and align qualifications for small business owners to the best financing options available to them,” said Nav CEO Greg Ott about a recent announcement.
Nav is a small business information service that connects borrowers to lenders across the entire finance industry, from SBA loans, major credit cards, to nonbank lenders, and more. This new enhancement streamlines the finance process for both sides of the transaction, Ott explained.
“Historically, the model is inverted disproportionately against the small business owner, in that they can’t see what they’re qualified for until after they apply,” Ott said. “By using real-time business analysis and dynamic financing profiles, Nav is the only place that can show them what they can qualify for before they apply.”
Nav is also adding a new service team that connects to small businesses through the digital platform, offering a more personalized experience; someone will be on the line to help borrowers find their way. The platform uses cash flow, revenue, credit, and behavioral data to match SMBs with loan offers.
Nav is expanding its service because Ott said this year, many businesses could not find financing at all. Nav began helping customers find lenders for PPP loans, facilitating 70k applications in all and built an online community of 18k businesses going through the process this year alone.
Ott said it became clear during the rounds of PPP and government stimulus that banks gave preferential treatment to some of their customers and left out small businesses.
“Many banking options aren’t available to the vast majority of small businesses,” Ott said. “The traditional financial system is not always available or not the best option for a small business owner. Small business owners know this in spades, It’s just now that in the growth of this fintech ecosystem that it’s becoming clear how big that addressable market is.”Last modified: September 29, 2020
Kevin Travers was a Reporter at deBanked.