DENVER--(BUSINESS WIRE)--Funding 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, today 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 that 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 which may have experienced hardship during the COVID-19 pandemic and are looking to protect their futures. In fact, 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%).1
“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.”
To add, business owners of color have been deeply impacted by unequal access to funding throughout the COVID-19 pandemic. In fact, black business owners more frequently feel the need to prepare for future uncertainties, with nearly half (48%) planning to put aside funds in case there is 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 color, 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 centers.
“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.”
About Funding Circle:
Funding Circle (LSE: FCH) is a small and medium enterprise ("SME") loans platform. Since launching in 2010, investors and lenders across Funding Circle's geographies - including banks, asset management companies, insurance companies, government-backed entities, retail investors and funds - have lent more than $15 billion to 100,000 businesses globally. With faster than the bank decisions, Funding Circle offers longer terms up to 7 yrs, loans up to $500k, and low once-monthly payments. Their suite of flexible funding solutions, combined with dedicated Account Managers, offers borrowers a unique and seamless funding experience.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.
1 The Funding Circle 2021 Small Business Survey was conducted through The Bliss Group’s Speed Data platform, powered by 1Q, a survey application that polls mobile audiences in real time. The survey includes responses from 1,000 U.S. business owners, who completed the questionnaire on October 26, 2021.