SALT LAKE CITY, Jan. 13, 2021 /PRNewswire/ -- Nav, the simple and intelligent financing platform for small businesses, has partnered with BizEquity, the leading business valuation platform, to help small businesses navigate the Paycheck Protection Program (PPP) and secure the capital they need.
The past year brought unprecedented adversity for small businesses; in 2020, more than 100,000 SMBs closed due to the impact of COVID-19. PPP provides much-needed relief, but it's difficult for many small businesses to navigate, apply, and access the capital. The past 10 months — and the new round of PPP funding rolling out this week — has made it only more clear that the traditional banking system isn't set up to serve the needs of small firms. A recent survey of SMBs by Nav found that the smaller the business was, the less likely they were to know how to look beyond traditional channels to access capital. This knowledge gap needs to close, and businesses need a simpler, clearer path to vital financing.
"Nav has helped thousands of business owners secure funding through PPP and we've seen firsthand the potential for PPP to bring relief to a small business ecosystem struggling to stay afloat in this global pandemic," said Greg Ott, CEO at Nav. "That said, the application process demands time and resources many small business owners simply don't have to spare. We're committed to streamlining that process, improving access to capital, and reducing the fail rate of small businesses. Our mission is aligned with BizEquity's, and we're honored to partner with them to help more business owners keep their doors open."
"We are proud to partner with our friends at Nav to help democratize access to capital. Through this partnership, we enable our advisors to help their business-owner clients better understand their capital options and in doing so, open up access to needed PPP dollars," said Michael M. Carter, CEO at BizEquity. "We're dedicated to helping business owners gain the knowledge they need to better protect, grow, and plan for the future. Our partnership with Nav is yet another important step to helping our end-user clients."
This complementary partnership supports BizEquity's mission to democratize business valuation. As 98% of businesses don't know their worth, the unique platform not only generates business valuation reporting, but also provides educational tools for advisors and market data that illustrates how their clients' businesses compare with industry counterparts. In addition to Nav's intelligent financing platform, BizEquity advisors and their business-owner clients can leverage resources including a streamlined PPP Application Portal, which guides users through the application in 15 minutes or less. Business owners can also use a PPP Loan Calculator that estimates how much financing and forgiveness SMBs qualify for, at no cost.
Nav uses real business data to quickly match small businesses with the best loans and credit cards. The leading Business Financial Management app, Nav's intelligent business financing solution powers insights and opportunities for daily financial decisions that fuel their success. Nav's solution is also leveraged by other business service providers to enhance their customer experience. More about Nav is available at Nav.com.
BizEquity is the world's leading provider of business valuation knowledge and big data. BizEquity has pre-valued over 33 million private businesses and distributes its patented cloud-based service through thousands of financial services providers to help better inform small businesses of their lending; insurance; and wealth management needs and potential. BizEquity is headquartered in Philadelphia, PA and is part of the Advance Media/ACBJ family of companies. www.bizequity.com