Funding Circle and Nationwide Partner for Small Business Capital and Insurance Needs
A brand-new funding partnership has been launched that aims to improve access to vital capital and business insurance resources for small business owners in the United States.
Funding Circle and Nationwide Partner on Small Business Insurance and Funding
The partnership is between one of America’s longest-standing insurance and financial services companies, Nationwide, and small business lending platform Funding Circle. The joint venture is the first time that an online lender and leading property and casualty insurer have collaborated to improve access to financing and resources for small business owners.
New Opportunities for Small Businesses
With so many small businesses experiencing hardship during the Covid-19 pandemic, the partnership is welcome news that will help many business owners protect their futures. According to the 2021 Small Business Survey by Funding Circle, 72% of business owners said they will likely require financing within the next 12 months.
The survey also discovered that making enough profit to cover overhead expenses and paying off debts were two of the top three challenges that business owners predicted themselves to be facing soon. The third most cited challenge facing business owners was keeping up with demand, with supply chain issues continuing to cause havoc with inventories.
Addressing Small Business Challenges
The Associate Vice President of Commercial Digital Enablement at Nationwide, Kasey Ketcham, said of the funding partnership: “Today’s hardworking business owners have a variety of insurance and financial needs. They are looking for innovative ways to have those needs met so they can focus on running their companies.
“This partnership with Funding Circle is another example of Nationwide’s commitment to addressing the challenges small business owners are facing – offering expert guidance and comprehensive insurance and lending resources hand-in-hand to help them make informed decisions to fortify their business and livelihoods.”
Reducing Racial Disparities in Financial Resource Access
The Managing Director of Funding Circle US, Vipul Chhabra, has also stated that the partnership would particularly help underserved populations that banks have typically not been ‘incentivized to reach’. This comes after Funding Circle’s survey revealed business owners of color were deeply impacted by unequal access to funding throughout the Covid-19 pandemic.
Business owners can apply for funding through Funding Circle, and for insurance through Nationwide. They can also access informative resources for the likes of payroll and software in new virtual resource centers.
Image: Depositphotos
This article, “Funding Circle and Nationwide Partner for Small Business Capital and Insurance Needs” was first published on Small Business Trends