Miami-based financial platform Novo is launching Novo Funding, aiming to provide up to $75,000 of working capital to small businesses, offering various benefits and a straightforward repayment scheme.
Facts
- Novo Funding is a new offering by Miami-based financial platform Novo, seeking to connect small businesses with working capital.
- The platform aims to provide “instant access” to up to $75,000 of working capital to small businesses, giving them full autonomy over fund deployment.
- Small businesses using Novo Funding can choose to pay only for the funds they access, with a repayment scheme of six months per draw.
- Applicants must have been operational for at least six months and have a minimum of six months of business checking account transaction history.
- In a pilot trial in March, thousands of small businesses accessed over $35 million in funding through the platform.
- Novo secured a $125 million facility from Victory Park Capital to make the platform possible.
- Novo also offers other products to help small businesses, including a small business debit card and an enhanced invoicing tool for faster payments.
