Funding Circle and Nationwide Launch Innovative Partnership to Improve Access to Essential Services for American Small Business Owners

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DENVER–(BUSINESS WIRE)–Funding Circleone of the leading online small business lending platforms in the United States, and At national scaleone of the nation’s oldest insurance and financial services companies, today announced the launch of an all-new partnership specifically designed to improve access to capital and the vital commercial insurance resources and services for American small business owners.

This partnership marks the first time that an online lender and leading P&C insurer have collaborated to expand critical access to financing and resources for small business owners, many of whom may have struggled during the pandemic. of COVID-19 and seek to protect their futures. In fact, 7 in 10 business owners (72%) believe they will need funding in the next 12 months, according to the Funding Circle 2021 Small Business Survey. The biggest challenges business owners expect are making enough profit to cover overhead costs (36%), paying off debt (31%) and meeting demand (28%).1

“Today’s hard-working business owners have a variety of insurance and financing needs. They are looking for innovative ways to meet these needs so they can focus on running their business,” said Kasey Ketcham, associate vice president of digital business enablement at Nationwide. “This partnership with Funding Circle is another example of Nationwide’s commitment to addressing the challenges faced by small business owners – offering expert advice and comprehensive insurance and hand-in-hand loan resources for small business owners. help them make informed decisions to strengthen 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 almost half (48%) planning to set aside funds in the event of a future lockdown, compared to white business owners. (28%). This highlights the existing racial disparities in access to financial resources felt by business owners of color, which partnership can help address.

To support growth and protect their future, business owners can apply for financing through Funding Circle and insurance by At national scale. Small business owners can access informational resources on other needs, such as payroll and software, in new virtual resource centers.

“Funding Circle is thrilled to partner with Nationwide to offer essential resources that seamlessly complement our clients’ business needs and set them up for success in a competitive marketplace,” said Vipul Chhabra, Managing Director, Funding Circle US. “This first-of-its-kind partnership with one of the nation’s leading insurance and financial services providers embodies our core values: to truly help America’s small business owners achieve their goals, especially among underserved populations. that banks generally have no incentive to achieve.”

For more information, please explore the new resources made available by Funding Circle Partner Resource Center and Nationwide Business Solutions Center.

About the Funding Circle:

Funding Circle (LSE: FCH) is a lending platform for small and medium-sized enterprises (“SMEs”). Since its launch in 2010, Funding Circle investors and lenders from all geographies – including banks, asset management firms, insurance companies, government-backed entities, retail investors and the funds – have lent more than $15 billion to 100,000 companies worldwide. With faster decisions than banks, Funding Circle offers longer terms up to 7 years, loans up to $500,000 and low monthly payments. Their suite of flexible financing solutions, combined with dedicated account managers, provides borrowers with a unique and seamless financing experience.

About Nationwide:

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 AM Best and Standard & Poor’s. An industry leader in customer-focused innovation, Nationwide offers a full suite of insurance products and financial services, including auto, business, home, farm and life insurance; public and private sector pension plans, annuities and mutual funds; surplus & surplus, specialty and deposit; animal, 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. The National Retirement Institute is a division of the NISC.

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1 The Funding Circle 2021 Small Business Survey was conducted through The Bliss Group’s Speed ​​Data platform, powered by 1Q, a survey app 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.

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