Nav, Gusto Team on Small Businesses Financing

Nav and Gusto are partnering to help small businesses overcome cash flow obstacles.

The partnership aims to help small to medium-sized businesses (SMBs) find available funding, improving the stability of their cash flow, and better managing their expenses, according to a Tuesday (Feb. 27) news release from Nav.

Nav, a financial health platform for small businesses, has helped over 2 million businesses improve borrowing power and get access to the capital they need to thrive by combining personalized financial health insights with a network of financial providers, according to the release.

Payroll platform Gusto offers users an integrated, all-in-one platform that automates and simplifies payroll, benefits and HR, the release said.

Through the partnership between these firms, Gusto clients can build business credit and tap into Nav’s network of over 160 different financing options, including loans, credit cards, banking and other business service options, the release said. Clients will also be able to use Nav’s financial health platform, which highlights cash flow and credit insights alongside suggested financing options.

“Nav’s platform makes the path to funding less opaque and limits exposure to painful rejections and predatory lending. Small businesses need to have a transparent view into what options are available to them,” Walt Levengood, vice president of revenue at Nav, said in a statement. “Our partnership with Gusto helps small businesses to have more control of their capital and to better manage their costs.”

“At Gusto, our mission is to help small and mid-sized businesses take care of their teams, while accelerating their growth. But these businesses can’t grow without having a full picture of their finances and the funding options available to them,” Sonya Jamula, head of partnerships at Gusto, said in the release. “That’s why we’re excited to join forces with Nav to bring them a broader range of options for funding and financial services – and to help more small and mid-sized businesses succeed.”

Small businesses seeking financing sources have found success with business cards, PYMNTS Intelligence has found.

More than 9 in 10 new business owners who used business cards as their primary startup funding source said they would recommend these cards to other entrepreneurs, PYMNTS reported last week. Additionally, nearly one-quarter cited fast access to funds as their motivator for using this method.