FinTech Nuula is offering a new tool to let owners of small businesses digitally compare more than 30 lenders’ offerings to find the most appropriate personal loans they can use to finance their companies, Nuula announced Tuesday (June 21).
The loans can range from $5,000 to $250,000, according to the Toronto-based lender.
Nuula, which already offers tools to help owners of small businesses with borrowing, is working with embedded financial marketplace Even Financial to provide the new service, according to today’s (June 21) announcement. Even Financial is owned by MoneyLion Inc.
The new offering is targeted toward small businesses owners and their “diverse capital needs.” Likely users of the service, according to Nuula, are “sole proprietors, freelancers and consultants.”
Even Financial’s tool presents potential borrowers with tailored loan offers in less than 60 seconds, according to today’s announcement. The offers include terms, annual percentage rate and estimated monthly payments. Moreover, obtaining the offers doesn’t affect potential borrowers’ credit scores, according to the announcement.
“Small businesses come in all shapes and sizes — and so do their capital needs,” Mark Ruddock, chief executive of Nuula, said in a prepared statement. “Nuula’s all-in-one approach not only allows small businesses to access incredibly powerful tools that provide real-time insight into the health of their business, but now allows them access to a range of different financing options, such as personal loans, to help them access the capital needed to be successful at every stage of their business.”
Nuula launched in Canada on June 14. The company stated in announcing its Canadian offerings that companies would find its app “helps them track their cashflow in real time and alerts them to cash shortfalls before they happen. It helps them monitor critical financial and commercial metrics in a simple and easy to digest manner. It also makes it easy for them to track customer sentiment, including online ratings and reviews.”
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