The Nav App for Clover devices offers you actionable insights on what funding options are best for your business. You can also learn how to improve the financial health of your business to unlock more funding choices.
Here’s a look at what you can expect from the Nav App and how to achieve funding success.
Find out about curated financing options.
Many small businesses know they need financing but must learn how to obtain it. Take a look at Nav for a glimpse behind the funding curtain. Before you apply, you can avoid the following:
- Researching lenders can take hours
- Filling out lengthy applications
- Multiple credit score dings
The Nav app will give you a list of 70+ lending options you will most likely be eligible for. Nav will increase your chances of securing funding only after submitting multiple applications.
Nav will synchronize your Clover data with your self-reported information to create customized funding options. Find out which funding options are best for your business without spending your time researching and applying.
Choose from a variety of personalized business credit cards.
Business credit cards can be a valuable tool for increasing your capital access. It takes some research to determine which credit card will work best for you and your business. Rather than relying on an online search to find the cards you most likely qualify for, Nav provides a curated list of business credit card options. Use Nav to save time and avoid painful rejections.
Nav links your company’s information to over 90 credit card options.
What is the best type of financing for your business?
It is essential to understand how different types of financing can support your business before applying for any funding. Here are some of the most popular business financing types and how they can be used.
Traditional Bank Loan
The best bank loans offer a lump sum to the borrower at some of their most favorable rates and conditions. These loans are ideal for large purchases of capital equipment, B2B acquisitions, and debt refinancing.
Business Line of Credit
Business lines of credit are one of the most popular forms of funding for businesses. You can borrow from them as you need and pay only interest on what you have borrowed. A business line of credit is great for funding short-term needs, preparing for future needs, and fast funding.
Alternative Loan
Alternative lenders can offer you money on your account the next day if you don’t qualify for traditional loans or need funding quickly. These options usually have higher interest rates but are excellent for fast financing.
SBA Loan
The federal government partially backs a loan from the Small Business Administration. This can offer great rates and conditions. The application process can be lengthy, and funding is often delayed. These loans can finance business goals such as B2B purchases, significant capital equipment acquisitions, debt refinancing, or commercial real estate.
Equipment Financing
Business equipment can include anything from office computers to trucks. These loans are usually repaid according to the expected lifespan of the equipment.
Invoice Financing
The invoice financing service allows businesses to receive cash while they wait for payment. It is ideal for companies that need funding quickly but at high rates.
Business Credit Card
A business credit card can be a valuable tool to help finance short-term needs. A business credit card is a flexible financing option easier to qualify for than a traditional loan. A business credit card frees up cash that can be invested elsewhere in your company.
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