Nationwide has formed a partnership with online small business lender BlueVine to boost the insurers support for SMBs.
As part of this deal, small businesses will be able to access flexible financing through Nationwide’s Business Solutions Center – approvals for loans can be as little as 10 minutes, BlueVine claims.
Alongside the announcement of this partnership, Nationwide revealed its initiatives for the next year, which includes the opening of a new innovation centre in Columbus, Ohio later in the year. It is also focused on driving efforts to help customers have a comfortable retirement, meet insurance and financial needs, protect data and digital assets, and protect them in evolving markets.
Nationwide vice president Tony Fenton said, “Nationwide serves over 1 million small businesses and is No. 1 in customer satisfaction with small commercial insurance1. So, we’re committed to small business owners and proud of the connections we make with companies like BlueVine to help them move their businesses forward.
“Helping those business owners protect what’s most important to them and plan for a secure financial future is at the core of what we do.”
Founded in 2013, the company provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations. It has developed a fully-online cloud-based platform for invoice factoring and also offers Flex Credit, business line of credit financing issued by Celtic Bank.
The company offers access to lines of credit of up to $250,000 and invoice financing of up to $5m.
Last year, the company raised a total of $72m in its Series E round after commitments from M12, Nationwide, Menlo Ventures and SVB, among others.
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