Ohio credit unions get into accounts-receivable financing with Nowaccount
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Nowaccount's service frees payments from accounts receivable and is expected to be attractive to small businesses.
Ohio credit unions are hoping to propel the growth of small businesses with a service that frees payments from accounts receivable.
Following a year-long pilot program in Central Ohio, the factoring tool[6] provided by Nowaccount Network Corp. has been rolled out statewide in a marketing push alongside the Ohio Credit Union League[7].
Nowaccount pays small businesses immediately, effectively purchasing a receivable and taking a fee that’s shared by the partner credit union.
Telhio Credit Union[8], Central Ohio’s second-largest credit union with about 46,000 members, began offering the service last summer as part of the state trade group’s pilot program and now has about 40 small-business customers pre-approved, said Chief Lending Officer Robert Myles[9].
“We do tend to attract more startups, smaller businesses,” he told me.
Atlanta-based Nowaccount raised $2 million[10] in April to fund its own growth. For more on the four-year old company, check out this feature[11] from the Atlanta Business Chronicle.
Evan Weese covers funding and capital for Columbus Business First.
References
- ^ Evan Weese (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Google+ (plus.google.com)
- ^ Twitter (twitter.com)
- ^ LinkedIn (www.linkedin.com)
- ^ factoring tool (www.investopedia.com)
- ^ Ohio Credit Union League (www.bizjournals.com)
- ^ Telhio Credit Union (www.bizjournals.com)
- ^ Robert Myles (feeds.bizjournals.com)
- ^ raised $2 million (www.bizjournals.com)
- ^ check out this feature (www.bizjournals.com)