Nav, a free platform that helps small business owners build, protect and leverage their financial data, announced the launch of Business Banking Health Check, a feature to help small business owners make more informed decisions on their cash flow.
Nav’s Levi King
On Nav entrepreneurs can access their personal and business credit scores, along with cash flow insights to provide greater transparency into how lenders view their creditworthiness and enable greater access to capital. According to Pepperdine’s Capital Markets Report, insufficient credit profiles and cash flow are two of the primary reasons banks reject business loan applications. Nav’s platform uses these data sets to help business owners manage their fundability, while also doing legwork for lenders by matching its small business customers to their most-qualified funding options.
“We’re excited to shed light on this important data set for small business owners,” said Levi King, co-founder and CEO of Nav. “We’re using data — from credit to cash flow — to dramatically simplify the process of borrowing money. It’s our opinion that the future of financing approvals will occur where the data already exists. Eventually, we’ll have the ability to provide a ‘Firm Offer of Credit’ and the need to apply for something will disappear.”
Nav’s Business Banking Health Check analyzes a business owner’s banking habits to provide a clear view into where their cash flow stands. The feature is currently available to a beta group of Nav’s small business customers. By answering a few questions, users can connect their business bank account, and see their analysis in minutes. The data is updated in real-time each time they log in to the platform.
“Securing business financing can be a confusing, and at times, maddening experience,” said Leah LaSalla of Astralar. “The information we acquired from Nav in about 30 seconds was instrumental in helping us get our most recent funding.”
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