Nova Working Capital
Cash flow finance for Australian SMEs up to $1 million
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.
Max. Loan Amount
|Product Name||Nova Working Capital|
|Min. Loan Amount||$20,000|
|Max. Loan Amount||$1,000,000|
Main points to consider about invoice finance with Nova Working Capital
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.
Features on offer with Nova Working Capital
Nova Working Capital offers a range of features with its invoice finance products:
- 24-hour approval. If your business meets the requirements set out by Nova Working Capital, you could be approved for finance within just 24 hours.
- 70% approval rate. Nova Working Capital claims to approve 70% of applicants. If you have been denied finance by a bank, you might still qualify for finance through its platform.
- 80% accounts receivables available. Fund up to 80% of your unpaid invoices with Nova Working Capital.
- Supplier payment discounts. If you're looking to use your finance to pay suppliers on time, Nova Working Capital offers discounts on its finance for supplier payments.
- $20,000-$1,000,000 available. SMEs can receive finance upwards of $20,000 and up to $1 million.
- 24/7 phone, fax and email response. Contact Nova Working Capital 24/7 with any enquiries.
Fees and charges
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.
How to apply
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:
- Your name
- Your phone number
- Your email address
- Your business's name
Note that you must have an active ABN/ACN in order to apply for invoice finance.