Category: Newsroom

70% of Business Owners Without a Business Bank Account Get Rejected for Loans

70% of Business Owners Without a Business Bank Account Get Rejected for Loans

Business owners without a business bank account are facing an uphill climb when it comes to getting approved for financing, according to a new survey. Nav surveyed more than 600 business owners to find out how they use their business bank account and what impact it has on their financial situation. Of business owners without a business bank account, 70% were rejected for a loan in the past two years. Many lenders use business bank account data in the underwriting… Read More
10 States With the Best Business Credit Scores in 2018

10 States With the Best Business Credit Scores in 2018

It’s good to be a business owner in the Aloha State. Not only do they live in a notoriously beautiful place, Hawaiian companies have the highest credit scores of any U.S. state, averaging a business credit score of 54.6 on the Experian Intelliscore Plus℠ scale of 0 to 100. Hawaii’s credit score is considered low- to medium-risk. Businesses with scores in this range typically find it easier to qualify for loans with the best terms and lower interest rates. According… Read More
64% of Businesses Expect More Complex Regulations Under Trump Administration

64% of Businesses Expect More Complex Regulations Under Trump Administration

Businesses have much more to worry about than just overhead and sales these days, according to the “’The $100,000 Bill” survey by The Workforce Institute at Kronos. With over half of surveyed business owners spending between $40,000 to $100,000 just to prepare for new business regulations, it seems that each new law or mandate has the potential to cut into profits. Of those business who track the costs (many do not), these expenses include such activities as hiring legal consultation,… Read More
How We Make Money

How We Make Money

At Nav, we’re on a mission to make life easier for America’s small business owners. From the technology we create to the articles we write—we want to help you make educated funding and credit decisions for your business, so you can save money and time. That’s why we were one of the original signers of the Small Business Borrowers’ Bill of Rights. For our educational articles and product reviews, Nav’s experts provide objective assessments. No lender or other partner pays… Read More
What Will Linda McMahon Do First As SBA Head? 3 Hints

What Will Linda McMahon Do First As SBA Head? 3 Hints

In one of the least controversial appointments of Donald Trump's presidency, Linda McMahon was confirmed by the Senate on Tuesday to lead the Small Business Administration. At McMahon's confirmation hearing just a few weeks ago, she was introduced and endorsed whole-heartedly by two Democrats, so it comes as no surprise that the McMahon nomination to the SBA had widespread bipartisan support, with the final Senate vote tally coming out to 81-19. McMahon had one of the least contentious confirmation hearings, with… Read More
U.S. Leaves the Trans-Pacific Partnership: What It Means for Small Business

U.S. Leaves the Trans-Pacific Partnership: What It Means for Small Business

On his first full day after taking his seat in the White House, President Trump passed an executive order abandoning negotiations on the Trans-Pacific Partnership (TPP), a pact aimed to strengthen economic ties between the U.S. and 11 countries that border the Pacific Ocean. It was hoped that by lowering barriers to trade, the TPP would strengthen productivity, economic growth and competition, while promoting transparency and higher living standards within the Trans-Pacific partner countries. Immediately after signing the executive order,… Read More