As a Clover merchant, you get a detailed view into your financial details and sales performance, but knowing your next best step is where Nav comes in.
Using the Nav app on your Clover device offers actionable insights into what funding is right for your business, the best options you may qualify for today, and how to improve your business financial health profile to unlock funding choices.
Let’s look at exactly what you’ll get with the Nav app and get you on your way to funding success.
Many small business owners know they need funding but aren’t sure how to get it. Consider Nav a peek behind the funding curtain. Understanding what funding is right for your business before you apply can save you from:
The Nav app gives you a curated list from 70+ lending choices that you’re most likely to qualify for. Since applying over and over can lower your credit scores, it’s best to use Nav to increase your chances of securing funding — without having to send in multiple applications.
Nav will sync your business data on Clover with your self-reported data to produce your personalized funding options. See exactly which financing choices are right for your business without having to spend your valuable time on endless research and applications.
Business credit cards are a valuable tool to increase your access to capital. But it takes a lot of research to understand which type of credit card is best for your business and fits your qualifications. Rather than turning to an online search and hoping for the best, Nav offers a curated selection of the business credit cards you’re most likely to be eligible for. Give yourself a better shot at avoiding painful rejections and save time searching by using Nav.
Nav connects your business’s data to the right cards from over 90 partner credit card options.
Before applying for any financing, it can help to know how each type of funding can best support your small business. Here are the most common business funding types and their best uses.
Traditional bank loans can provide a lump sum to borrowers with some of the best rates and terms. They are best used for business pursuits like large capital equipment purchases, business-to-business (B2B) acquisitions, and debt refinancing.
A business line of credit is one of the most common forms of business funding because you can draw from it as needed, and you usually only pay interest on what you borrow. A line of credit can be great for short-term business needs, fast funding, and preparing for future capital needs.
If you can’t qualify for a traditional loan, or you need quick funding, an alternative lender may be able to offer money in your account in as little as one day. These options typically come with higher interest rates but can be a valuable tool for fast funding needs.
A loan from the Small Business Administration (SBA) can provide great rates and terms because it’s partially backed by the federal government. However, the application process is lengthy, and it usually takes a long time to get funding. These loans are best used for business goals like B2B acquisitions, large capital equipment purchases, debt refinancing, or commercial real estate purchases.
Equipment loans offer money to buy equipment for your business — everything from trucks to office computers may count as business equipment. The repayment terms on these loans typically line up with how long the equipment is expected to last.
Invoice financing allows business owners to offload their unpaid invoices and receive cash for them while the financing company seeks payment. This funding is best used for short-term business needs because it is quick to fund but the typical high rates can make it expensive.
A business credit card is a great tool for short-term financing needs. It is usually easier to qualify for a business credit card than a loan, and it’s a flexible form of financing that can fill in gaps in your business. Using a business credit card can free up valuable cash flow that you need to invest elsewhere in your business.
Business owners typically have to go to multiple places to get an in-depth view of their business and personal credit. Get every score that matters in one place with a Nav subscription — and save money compared to paying for each score individually. Nav partners with three major business credit bureaus (Dun & Bradstreet, Experian, and Equifax) and alerts you of any changes to help you stay on top of your credit.TRY NAV
This information is provided for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain advice with respect to any particular matter.
Sign up and learn more about Clover.