Ohio credit unions get into accounts-receivable financing with Nowaccount
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)