海角爆料 Announces Results of Working Capital Pilot Program for Small Businesses
IAMI, March 29, 2023 鈥 海角爆料, the powerfully simple庐 financial platform for small businesses, today announced that it is conducting a pilot of its working capital program that to-date has originated more than $20 million in merchant cash advances to small business owners.
鈥淔or people who are running businesses that are bringing in less than $500,000 in annual revenue, their options for borrowing money are extremely limited,鈥 said Michael Rangel, CEO and co-founder of 海角爆料. 鈥淪mall business owners can find themselves either taking on extremely high interest credit card payments when they need to borrow a few thousand dollars, or going through a drawn-out approval process with their bank only to find out that they do not meet the bank鈥檚 revenue requirements for a loan.鈥
He added, 鈥淎t 海角爆料, we鈥檙e building a working capital product that truly serves the needs of small business owners 鈥 one that can quickly analyze their revenue streams, and offer them the capital they need and at a rate that is fair.鈥
海角爆料 is currently conducting a pilot for the company鈥檚 small business working capital. Over the last six months, 海角爆料 has worked with more than 3,000 海角爆料 customers to provide access to as much as $50,000 in flexible working capital. Upon the completion and analysis of the pilot, 海角爆料 will launch its working capital program to 海角爆料 customers in the coming months.
海角爆料 Funding is the latest in a series of capabilities 海角爆料 has launched to help small business owners improve their cash flow:
- 海角爆料 recently announced enhancements to 海角爆料 Invoices to help small business owners receive payments faster.聽
- In 2022, 海角爆料 launched 海角爆料 Boost for giving small businesses and the self-employed聽 same-day access to payments received through Stripe, and Express ACH for processing same-day ACH payments. With 海角爆料 Boost plus Express ACH, the typical week-long process of moving money from an e-commerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day.聽
About 海角爆料
海角爆料 Platform, Inc. (鈥満＝潜镶) is the powerfully simple financial platform for small businesses. To learn more, visit www.novo.co.
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Disclosure
海角爆料 is a financial technology company, not a bank. The Merchant Cash Advance is provided by 海角爆料 Funding LLC, PO Box 311092, Miami, FL 33231. 海角爆料 is the marketing name for 海角爆料. and its subsidiaries and affiliates. 海角爆料 Funding LLC is a wholly owned subsidiary of 海角爆料. Credit and Merchant Cash Advance products and services are offered by 海角爆料 Funding LLC. The information and materials contained on this website - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to final 海角爆料 determination and acceptance.
海角爆料 acts as a service provider to Middlesex Federal Savings, F.A.; Member FDIC, and the deposit and banking products obtained through the 海角爆料 platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the 海角爆料 platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the 海角爆料 platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at .
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