Nuula to Offer Term Loans to Small Businesses

FinTech company Nuula, which provides small businesses with tools and capital, will partner with Mulligan Funding to offer term loans up to $2 million through its app, a press release said Tuesday (May 24).

Nuula’s Term Loan feature will let small business owners access financing with loan application, review, funding and management. All of it will be offered through one app.

Nuula will offer access to larger, fixed-term loans to help business owners fund longer term investments.

The release said Nuula also provides tools to track various metrics driving business performance, giving smaller business owners ways to see cash flow, financial and commercial performance, among other things.

“Small business success requires ready access to capital. Term loans are a foundational financial product that many small business owners leverage to fund longer term investments,” said Mark Ruddock, CEO at Nuula.

Meanwhile, Mulligan Funding CEO David Leibowitz said the idea was to keep updating how financial services are given to businesses.

“Mulligan Funding is proud to offer Nuula’s small business owners and entrepreneurs a term loan feature that is fast, fair, and available 24/7, all embedded directly in the Nuula app,” he said.

See also: SMB FinTech Nuula Rolls Out Financial Health Tool

Nuula also recently debuted a new financial health tool, PYMNTS wrote, which will let small business owners keep up with financial metrics using the cloud.

The company said this would let business get real-time insights from their accounting software, which would give a “comprehensive, ongoing and intelligent view of their overall financial health.”

The tool will also offer the ability soon to get alerts about various things like missed payments and past-due invoices.