Funding Circle US partners with insurer Nationwide
Funding Circle US has partnered with American insurer Nationwide to expand access to finance and resources for small and medium sized businesses in the country.
Business owners can apply for funding through Funding Circle and insurance through Nationwide and can access informative resources, such as payroll and software, in a new virtual resource centres.
The peer-to-peer lending platform said it has partnered with the insurer to support small businesses, many of which may have experienced hardship during the pandemic and are looking to protect their futures.
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Funding Circle’s 2021 small business survey revealed that seven in 10 business owners in the US (72 per cent) believe they will need financing over the next 12 months.
It found that the biggest challenges business owners forecast facing include making enough profit to cover overhead expenses (36 per cent), paying off debts (31 per cent) and keeping up with demand (28 per cent).
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“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 incentivised to reach.”
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Kasey Ketcham, associate vice president of commercial digital enablement at Nationwide. said business owners are looking for innovative ways to meet their insurance and financial needs.
“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,” Ketcham said.