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Businesses require working capital to meet overheads, pay staff, fund growth and generally function as successful companies. However, cash flow can be easily disrupted by a number of factors and even the most financially well organised industry can run into fiscal difficulties from time to time.
Invoice finance is a potentially useful financial tool for businesses looking to unlock working capital which is tied up in unpaid invoices, because often the money your business needs to invest in growth is there, it's just slightly out of your reach. Nova's Working Capital can put that money in your hands, before your clients have paid their dues.
$1,000,000
Max. Loan Amount
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Product Name | Nova Working Capital |
---|---|
Min. Loan Amount | $20,000 |
Max. Loan Amount | $1,000,000 |
Loan Security | Secured |
Nova Working Capital is an online invoice finance lending platform. It allows companies to borrow up to 80% of their unpaid invoices ahead of client payments. This can be particularly useful for B2B companies that have longer waiting periods for their invoice payments such as construction companies, which can wait as long as 90 days for payments to be settled.
Nova Working Capital offers a 24-hour approval time on its invoice finance and a 70% approval rate. It offers finance from $20,000 to $1 million and it also offers "supplier prompt payment discounts" if your reason for opting for invoice finance is in order to pay suppliers on time.
Nova Working Capital offers a range of features with its invoice finance products:
Nova Working Capital charges fees based on factors such as your business's circumstances and annual turnover. Fees and charges may vary. To find out more about how much Nova Working Capital charges on its invoice finance, click "Go to Site" and submit an enquiry using your business data.
Invoice financing companies usually charge a "discount fee" on the value of an invoice. "Discount fees" are an alternative to per annum interest rates for many invoice finance providers because these providers offer shorter term loans than other forms of financing and the loan values are specifically dictated by borrower invoice values.
In the case of Nova Working Capital, this discount fee will be deducted from the remaining 20% of the invoice. The borrower will be transferred the remainder of the invoice balance upon client payment, minus the discount fee.
To apply for Nova Working Capital invoice finance, simply click "Go to Site" and submit an enquiry form with your business data. This form will include:
Note that you must have an active ABN/ACN in order to apply for invoice finance.