FinTech Nuula offers a new tool for small business owners to digitally compare offers from over 30 lenders to find the most suitable personal loans they can use to fund their businesses, Nuula announcement Tuesday (June 21).
Loans can range from $5,000 to $250,000, depending on the Toronto-based lender.
Nuula, which already offers tools to help small business owners borrow, is working with integrated financial marketplace Even Financial to deliver the new service, according to today’s (June 21) announcement. Even Financial is owned by MoneyLion Inc.
The new offering is aimed at small business owners and their “miscellaneous 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. Offers include terms, annual percentage rate and estimated monthly payments. Additionally, obtaining the offers does not affect the credit scores of potential borrowers, according to the announcement.
“Small businesses come in all shapes and sizes, and so do their capital needs,” Nuula chief executive Mark Ruddock said in a prepared statement. “Nuula’s all-in-one approach not only gives small businesses access to incredibly powerful tools that provide real-time insight into the health of their business, but now gives them access to a range of different financing options, such as personal loans, to help them access the capital needed to succeed at every stage of their business.”
See more: FinTech Nuula sets up shop in its home country of Canada
Nuula launched in Canada on June 14. The company said when announcing its Canadian offerings that businesses would find its app “helps them track their cash flow in real time and alerts them to cash shortfalls before they occur. It helps them monitor financial and business metrics reviews in a simple and easy-to-digest way. It also allows them to easily track customer sentiment, including online ratings and reviews.”