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IAMI, March 29, 2023 — 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.
Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. To learn more, visit www.novo.co.
Novo is a financial technology company, not a bank. The Merchant Cash Advance is provided by Novo Funding LLC, PO Box 311092, Miami, FL 33231. Novo is the marketing name for Novo Platform Inc. and its subsidiaries and affiliates. Novo Funding LLC is a wholly owned subsidiary of Novo Platform Inc. Credit and Merchant Cash Advance products and services are offered by Novo Funding LLC. The information and materials contained on this website - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to final Novo determination and acceptance.
Novo acts as a service provider to Middlesex Federal Savings, F.A.; Member FDIC, and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.
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