Overview

Novo is a modern digital banking platform for businesses, offering financial support through funding solutions like business loans. Providing loans up to $75,000, it's designed to help small businesses facing challenges with traditional bank loans or exploring financing for the first time.

Novo's application process is user-friendly, ensuring quick approval, instant fund access, and flexible repayment options. As a fintech company, Novo partners with FDIC-insured Middlesex Federal Savings for secure banking services. The team combines technology and financial expertise, enabling small businesses to grow by developing and offering unique financial products that support their efforts.

Features

You can enjoy these features when you choose to get funding through Novo:

Novo mobile app

Experience the ease of managing your finances directly from your fingertips with the Novo mobile app. This user-friendly platform facilitates access to your Novo account so that you can monitor your payments.

On-demand accessibility

With Novo's on-demand accessibility feature, you can access the service whenever and wherever you want. Designed to suit your business needs, this feature provides you with the freedom to withdraw a specific amount according to your business needs. Once you've successfully repaid the borrowed amount, your available funding is rapidly replenished. It's a great perk that allows you to access funds again whenever your business needs it.

Application Process

Through Novo's fast and convenient application process, you can apply for financial support in just a few simple steps:

1. Quick online application

Apply risk-free for Novo funding online in under 10 minutes. The seamless process begins by providing your business email and creating a secure password. Once logged into Novo, you can effortlessly complete the online application form. As part of the application, you'll be required to provide some personal and business details. You will also need to go through a financial review and submit supporting documents as evidence. During this stage, Novo performs a soft credit check that will not impact your credit score.

2. Review and response

Once your application has been submitted, Novo promises to review it within 24 hours. The aim is to speed up the process and make it easier to access funds as soon as possible.

3.Instant access to working capital

As soon as your application is approved, you will have immediate access to your working capital through your Novo account. You don't have to wait for funds to clear, and you don't have to deal with tedious paperwork. Novo streamlines the process, ensuring that your business can move forward without unnecessary delays.

Loan Terms

The following loan terms apply for a business loan with Novo:

Loan amount

Get access to up to $75,000 in business loans with Novo, providing small businesses with financial flexibility.

Flexible spending choices

Novo funding gives you complete control over how you spend your working capital. No matter if you need to invest in new equipment, increase marketing efforts, or deal with delayed payments, it is entirely up to you to prioritize your business needs.

Competitive monthly factor rates

Benefit from competitive monthly factor rates, with rates as low as 1.5%. Novo makes it easy to manage your finances effectively while pursuing your business goals.

No prepayment fees

Enjoy the freedom to repay your loan early without incurring any prepayment fees. Novo believes in providing flexibility to businesses, allowing you to save on interest costs if you choose to settle your loan ahead of schedule.

Repayment Terms

Novo prioritizes transparency and flexibility in its repayment terms, providing businesses with a clear and comprehensive transfer schedule. In this schedule, borrowers can see each repayment in detail so they can plan and manage their finances effectively.

With Novo's repayment structure, businesses can use funds when they are needed most. Small businesses benefit from the six-month repayment schedule, as it provides a reasonable timeframe for managing repayments. Furthermore, Novo allows early repayment at no additional charge. By allowing businesses to settle loans ahead of schedule, businesses can save on interest costs while also empowering them to take control of their financial future.

Customer Support

If you wish to contact Novo directly, you can reach out to the customer support team via email or mail. Additionally, Novo offers the convenience of in-app chat, allowing you to interact with a member of the team within the Novo app.

Novo also has an extensive Help Centre on the official website, providing answers to frequently asked questions anytime and from anywhere. And you can connect with Novo across all social media platforms, including Twitter, Facebook, Instagram, and LinkedIn.