New services designed to create more transparency and direction for small businesses seeking financing.
Nav, the leading financial health platform for small businesses, announces a series of customer experience enhancements including the “next best option” service, designed to create more transparency and direction for small businesses seeking financing.
Small businesses have long struggled with access to capital. According to the 2023 Federal Reserve Small Business Credit Survey, 47% of applications for small business loans are declined. Businesses are faced with lengthy applications and long wait times only to get rejected without much context or direction on what to do next. By aggregating credit and financial data, Nav helps small businesses understand all of their funding options by allowing users to know what they can qualify for before they apply. And now, Nav’s latest product evolutions help small business owners save time in the application process and know what their next best option is after they’ve been rejected for a credit card or loan.
Business owners looking for capital are often left relying on the top search result, leading to a frustrating cycle of applying for the wrong loans only to get rejected or taken advantage of by predatory lenders, further impacting their credit and ability to get financing. Nav’s platform is unique in its ability to model recommendations based on the criteria lenders use to evaluate applicants. With Next Best Option, Nav now combines real time application and lender disposition data to break the cycle of continuous rejection. If a business isn’t approved for a loan from a Nav provider, they will be able to clearly understand why and what options may be a better fit.
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“The introduction of the ‘Next Best Option’ service is not just about providing alternative financing solutions; it’s about empowering business owners with data driven recommendations, knowledge and choices. We understand that every rejection can be disheartening, but it’s also an opportunity to reassess and explore more suitable options that Nav can match them with,” says Neha Komma, VP of Product at Nav. “Our goal is to transform these challenging moments into positive stepping stones towards financial success. By integrating advanced analytics with our comprehensive network of lenders, we are excited to offer a more personalized and efficient path for small businesses to thrive financially.”
Nav’s platform continues to demonstrate consistent growth, having increased its user base by 25% to over 2 million small businesses in 2023. Nav has facilitated over $110,000,000 in funding and connected its users to over 500,000 credit cards this year.
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