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Where can I get capital to keep growing my business when banks don’t want to help?

Traditional Bank Lenders Are Risk Averse. Ask many small to medium-sized businesses and they will tell you about how they sought capital from their bank only to be turned down after supplying reams of paper (two years of tax returns, two years of income statements, balance sheets and statements of cash flow, plus a lengthy application).
Why Would Your Bank Turn You Down For A Loan? One reason is because it costs them the same amount of labor to lend $50,000 as $1,000,000! That’s why small and medium sized businesses have come to know Finova Capital. We have supported more than a million businesses with access to capital to meet a variety of business needs.
In times of rising inflation, persistent labor shortages and a desire to improve capital structures, businesses are smart to seek out alternatives

CONSIDER THESE 5 REASONS WHY A CASH ADVANCE FROM FINOVA CAPITAL MIGHT BE THE RIGHT CHOICE FOR SMEs.

1. FAST DECISIONS
Apply and be approved in minutes. No long application process. This matters greatly when business emergencies or opportunities arise and you need to address them immediately

2. REASONABLE RISK ASSESSMENT FOR APPROVAL
You can still access capital even if you haven’t been in business for 5-10 years. Use an existing asset like your monthly credit card sales to show Finova that you are able to make required payments responsibly. So, if your business makes frequent credit card sales, a cash advance increases the odds of an approval.

3. QUICK CASH
Have your cash in a day or two. Timing is critical for any successful company. When opportunity knocks you have to be able to respond. An improved cash flow might make all the difference when a partner wants to sell, or new equipment or inventory is available at a reduced price. Or acting now means you avoid a price increase.

4. FLEXIBLE TERMS AND AMOUNTS
Finova Capital provides options like daily or weekly payments, over longer or shorter terms, and the ability to get an additional advance when you have paid down your initial advance by 70%. That’s like having another line of credit.

5. FLEXIBILITY IN HOW YOU USE THE CASH
Small business loans can come with restrictions on how you can use the money. For example, the Small Business Administration’s 504 Loan Program can’t be used to purchase inventory, while SBA Microloans can’t be used to pay off debt or buy real estate. With a Finova Capital cash advance you can use the money for any business purpose you deem fit: hiring new staff, buying new equipment, a new website, buying out a partner, purchasing inventory.

Consider the Benefits of a Merchant Cash Advance from Finova Capital!
Merchant cash advances may not be the right choice for every business, but they offer numerous
advantages, especially if you don’t qualify for traditional banks financing. Contact Finova Capital to see how we can support the growth of our business

ELFA Board Chair/Finova CEO Bob Neagle featured on Equipment Finance Matters Podcast

As an industry veteran, Bob Neagle was honored to be selected as ELFA’s Board Chair for 2023. In addition to his duties as President/CEO of Finova Capital, Bob hopes to represent and advocate for member companies of the ELFA during his term. To kick off his 2023 term, Bob sat down for an interview on ELFA’s podcast Equipment Finance Matters. In the interview, Bob shares wisdom and advice from his many decades in the industry, and talk abbout the importance of supportive co-workers and colleagues.

Check out the interview below:

CEO Bob Neagle’s EFC Fireside Chat

Equipment Finance Cares (EFC) has a mission to provide an educational/networking platform for equipment finance professionals to connect with industry thought leaders on best industry practices. EFC’s Fireside Chat host Jesse Johnson sat down with Finova CEO Bob Neagle to talk about career, the equipment financing industry, and Finova’s journey as a start up.

Check out the interview below:

Combining Tech and Personal Touch to Provide Unrivaled Support

At Finova Capital, we like to say that while our company is new, our experience runs deep.

While we deliver game-changing solutions, our mission is grounded in tried-and-true expertise helping acquirers and merchants succeed.

That’s why every aspect of our business — from our seamless technology to our dedicated support staff — works in service to helping partners meet their specific goals.

Quicker, more convenient tech

At the core of that effort is Finova’s industry-first technology. Our platform enables convenient digital scoring, onboarding, signing, and tracking — for all our products, all in one place.

When we receive an application, it goes through our informed risk tool. Built using decades’ worth of records, our automated system ensures rapid credit decisioning.

Once a partner is approved, onboarding is completely digital. Our platform seamlessly integrates with partners’ systems for faster, easier documentation.

When it’s time to execute paperwork, signatures can be collected in minutes, not days. No more shuffling papers — merchants can use DocuSign to complete lease agreements on the spot.

All this activity is easily trackable on our self-serve partner portal. Instead of navigating through messy email chains, acquirers can simply check the status on their phone or computer. At every stage from origination to processing, our platform provides full transparency into metrics, funding statuses, and pipeline communications — in addition to daily automatic reports.

Right-sized human touch

While technology can accelerate operations, we also understand there are areas where there’s no substitute for an expert’s time and attention.

That’s why every one of our partners receives a dedicated support contact. Our clients can call us and expect to talk to someone — no tickets here.

Our focus is on long-term partnership — so we take the time to listen and learn.

Partner alignment is key: We educate ourselves on our partners’ businesses, considering their current offerings, sales, and comfort levels. Then we match their goals and challenges to our own products and goals, building out a business case so we can measure success.

Our team is constantly tweaking and modifying our offerings to help our partners take them to market. And since our offerings are digital, we can more quickly add new variables to match partners’ vision and growth.

For me, that intersection of experience, technology, and partnership is the very foundation of how Finova is changing the merchant finance industry. And I’m excited to continue developing the business practices and service levels to keep acquirers and businesses moving forward.

The Secret to Winning and Retaining Merchants? Meet Finova Capital

For today’s ISOs and processors, more product offerings mean a bigger, more consistent merchant base.

There’s one major problem: Traditional off-the-shelf products tend to be generic, costly, and complicated.

Having served over 1 million merchants during my 20 years in merchant acquiring and lending, I’m familiar with those challenges — and the opportunities acquirers need to address them.

That’s where Finova Capital comes in. With a wider range of retention-boosting finance solutions, we’re providing faster ways for ISOs and processors to attract and retain merchants.

A more attractive product offering

The process is simple: Our partners gain access to Merchant CashTap™ — our suite of merchant finance products including equipment financing, merchant cash advances, working capital, and term loans. Each solution gives merchants faster, more flexible access to cash for growing their businesses.

The results are twofold. First, new merchant cost of acquisition decreases as acceptance increases. We take the time to understand acquirers’ and merchants’ goals, then create custom programs that hit those targets — an attractive win-win-win for everyone involved.

Second, merchant attrition drops — and retention skyrockets. Because the small business market is underserved, merchants typically access capital multiple times over their time in business.

Seamless tech to move acquirers forward

Even if these solutions had been available historically, the process of implementing financing products has been a longtime headache for ISOs and processors.

We’re changing that with a robust, easy-to-use platform. Our technology fits seamlessly into acquirers’ workflows with API compatibility, self-serve DocuSign functionality, and intuitive dashboard reporting.

Coupled with our best-in-class scoring capabilities, our solutions enable acquirers to access the upfront revenue and ongoing reoccurring revenue stream to build a strong residual base.  

Built to meet acquirers’ specific needs

These solutions only work when the process and products make sense for acquirers and merchants. That’s where our team’s deep expertise comes into play.

I have 20 years of experience understanding acquirers’ workflows, underwriting processes, and technology blockers. Our scoring models have survived the past two decades’ macroeconomic swings. All combined, our team has 75 years of expertise providing financing to merchant acquirers and the payments industry.

In short, we know what acquirers need to perform. And by leveraging that expertise with modern technology and a positive merchant experience — including sensible pricing and terms, timely servicing, and customized options — we’re excited to be a new kind of merchant finance partner.

It’s past time acquirers had better opportunities to attract and retain profitable merchant accounts and overall portfolios. And we’re excited to provide the transparent solutions and strategic alliances to make that possible.

Find out how Finova Capital can help you win and retain merchants. Visit www.FinovaCapital.com today.

Bryan Brouillard is Chief Risk Officer at Finova Capital. He has over 20 years of experience in risk, underwriting, compliance, and governance, as well as key operational areas associated with small- and mid-size leasing and lending organizations and payments companies. Prior to joining Finova, he worked at SafraPay, Ascentium Capital, First Data/Fiserv, and American Express.

Top 5 Myths About Merchant Finance Partnerships ­— Debunked

“Offering a financing program for my merchants has been a  gamechanger.” “I lost interest in financing programs years ago — too many bad actors.”

In my many years managing payment and equipment leasing and financing companies, I’ve heard disparate views on merchant finance partnerships.

They run the gamut: Some are true. Many are false. Others are just antiquated. But now it’s time for merchant acquirers to consider what is possible in the new era of fintech providers.

Here are five of the most common misconceptions about business lending and equipment financing — and the facts ISOs and processors need to know.  

1. “My merchants don’t need financing from me.”

The truth: Small businesses need capital — but currently make up an underserved segment of the lending market.

Small businesses — especially restaurants and retail businesses — are usually viewed as higher risk by traditional lenders. The result is they are  often undercapitalized, yet lacking access to capital.

As an acquirer, you already know your merchants’ businesses best. By working with a trusted merchant finance partner, you can help provide the services and products they need to grow and differentiate your own offer in the process.

2. “Giving away free POS terminals is a necessary evil.”

The truth: It doesn’t make sense for most acquirers to give away equipment, assuming the risk of managing items including use tax, property tax, and equipment returns.

From activation and early termination risk to collecting and storing returned equipment, the real cost of “free” equipment adds up quickly for ISOs and processors. It’s easy to provide a free terminal in exchange for processing revenue, but what about the real cost to you?

Most acquirers aren’t equipped for that burden. But the right merchant finance partners will take on the risk of ownership so you don’t have to. They can also offer financing programs at monthly payment options that aren’t obstacles to a sale. Instead of giving away terminals, an experienced partner can help set a price that’s affordable for merchants while generating revenue for you — and freeing you from starting out in the hole.

3. “Onboarding with a merchant finance partner is a long, challenging process.”

The truth: With the right expertise and technology, you can quickly start delivering products digitally. 

It’s important to find a merchant finance partner who understands the payment space, the credit risk of your merchant base, and common issues. At Finova Capital, we’ve channeled that expertise into a seamless digital integration process, security-focused platform, and products that can be customized to specific needs and credit profiles.

That means you can quickly form a partnership — and start delivering products in a way that fits your merchants’ busy schedules.

4. “There’s a reason some lenders have had spotty reputations.”

The truth: The right partner will provide the transparency and support to ease any concerns.  

Along with our updated products and technologies, we’re a new kind of merchant finance partner providing more personalized, more respectful service.

At Finova Capital, we strive to deliver stronger customer care by providing full disclosure of our terms and addressing any issues immediately. Our team takes the time to develop programs that fit your business needs and provide fair value to your merchants, making our products an extension of your value proposition.

5. “It’s almost impossible to get all the lending and leasing services I need from a single source. And the marketplaces that are available make the process more cumbersome.”

The truth: Providing convenient access to those services is one of the things Finova does best.

After serving more than one million merchants since 2004, the Finova team has built a product suite and digital process specifically for the payment space and small- to medium-sized merchants.

No matter where your merchants are in their life cycle, they need convenient access to capital. We strategize with our partners to align goals, then customize a program that meets their growth challenges. 

Get the facts on how Finova Capital can help you win and retain more merchants.

We’re standing by to answer your questions and understand your business goals. Send me a message or call me directly to get started today.

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