back Back

Nationwide and Funding Circle launch partnership for American SMEs

By Edlyn Cardoza

February 01, 2022

  • American Small Business Owners
  • Digital Lending
  • Financial Services
Share

Funding Circle, Nationwide, Insurance, Financial Services, American Small Business Owners, USA, Online Lender, Funding Circle 2021 Small Business SurveyFunding Circle, a leading online small business lending platform in the U.S., and Nationwide, one of the nation’s longest-standing insurance and financial services companies, recently announced the launch of a brand new partnership specifically designed to improve access to much-needed capital and business insurance resources and services for American small business owners.

This partnership marks the first time an online lender and leading property and casualty insurer are collaborating to expand critical access to financing and resources for small business owners—many of them may have experienced hardship during the COVID-19 pandemic and are looking to protect their futures. 7 in 10 business owners (72%) feel they will need financing over the next 12 months, finds the Funding Circle 2021 Small Business Survey. The biggest challenges business owners predict facing include making enough profit to cover overhead expenses (36%), paying off debts (31%) and keeping up with demand (28%).

“Today’s hardworking business owners have a variety of insurance and financial needs. They are looking for innovative ways to have those needs met so they can focus on running their companies,” said Kasey Ketcham, Associate Vice President of Commercial Digital Enablement at Nationwide. “This partnership with Funding Circle is another example of Nationwide’s commitment to addressing the challenges small business owners are facing – offering expert guidance and comprehensive insurance and lending resources hand-in-hand to help them make informed decisions to fortify their business and livelihoods.”

Additionally, business owners of colour have been deeply impacted by unequal access to funding throughout the COVID-19 pandemic. Black business owners more frequently feel the need to prepare for future uncertainties, with nearly half (48%) planning to put aside funds in case of a future lockdown, compared to white business owners (28%). This points to the existing racial disparities in access to financial resources felt by business owners of colour, which the partnership can help address.

To support growth and protect their futures, business owners can apply for funding through Funding Circle and insurance through Nationwide. Small business owners can access informative resources on other needs, such as payroll and software, in the new virtual resource centres.

“Funding Circle is thrilled to partner with Nationwide to offer essential resources that seamlessly supplement our customers’ business needs and set them up for success in a competitive market,” said Vipul Chhabra, Managing Director of Funding Circle US. “This first-of-its-kind partnership with one of the country’s leading insurance and financial services providers embodies our core values: to truly support American small business owners in accomplishing their goals, especially among underserved populations that banks typically are not incentivized to reach.”

Previous Article

February 01, 2022

Sundance Strategies and Tradability announce agreement to launch NFTs

Read More
Next Article

February 01, 2022

Treasury Prime launches new compliance solution to empower FinTechs

Read More






IBSi Daily News Analysis

Payment, innovation

May 27, 2024

American Small Business Owners

New tech boosts European payments with 40% conversion rate increase

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Newgen Software onboards Finastra to expand market reach

Read More

May 24, 2024

Capital on Tap partners with Plaid in the UK

Read More

May 24, 2024

UnaFinancial & JSCB Microcreditbank to offer lending services in Uzbekistan

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023