ational Small Business Week has existed for nearly 60 years. As a company that is focused on building and supporting small businesses across the U.S., during this week-long celebration we often ask ourselves: What more can we do to help our small business customers grow and succeed?
Celebrating small businesses shouldn’t be confined to just one week per year. From those who buy from small businesses to the vendors who serve them, we all must think about how we can better support the small business community. Small businesses are the bedrock of our economy, and their growth and success impact us all.
With this in mind, here are a few changes Novo is making immediately. Our hope is that collectively, these changes can make the lives of the more than 180,000 small businesses who trust us a little bit easier.
Free cash deposits via money orders
While Novo is a digital-first checking account, thousands of our customers accept cash. They then purchase a money order and deposit that money order into their Novo account.
The great thing about money orders is they are extremely easy to get at a location close to you — a small business owner can get a money order at any post office, bank or credit union, Western Union, USPS, CVS, Walmart, Publix, and myriad other locations. This is far preferable to being limited to a specific ATM or bank chain.
However, money orders cost money — typically up to $1-2 per $1,000. As part of our commitment to eliminating fees wherever possible, we’re announcing today that we will reimburse our small business customers for money orders. In other words, depositing cash into your Novo checking account is now free.
More $$$ for customer referrals
We are truly humbled that our customers give Novo stellar ratings across review platforms and often refer small business owners to us. Today, we’re changing how we say “thank you” to our customers for these referrals. Later this spring, we will be running a promotional window, increasing our referral reward amount from $40 to $100!
Shining a spotlight on our customers
Every week, thousands of people come to the Novo Resource Center for small business advice. Starting this spring, you’ll see a lot more on Novo’s site about our small business customers’ unique stories. Our hope is to help small businesses promote themselves and connect with readers who could end up being customers.
If you’re interested in being interviewed for our blog, fill out this form.