Novo, a Miami-based financial platform for small businesses has secured a US $125m finance facility from Victory Park Capital (VPC), which will be used to provide working capital to SMEs. This will be done through Novo Funding, offering SMEs instant access to up to US $75,000 of working capital via their Novo account.
The application process takes less than ten minutes, and the evaluation is completed in 24 hours. With a usual payback period of six months for each draw, a client is free to spend the money however they see fit and only pay for the for the funds accessed.
