Bank of America Now Lending On Nav

Nav, formerly known as Creditera, has a new big name on its small business lending platform: Bank of America.

The companies announced Thursday (Dec. 15) that Bank of America will now be providing SME loans and financing services through the Nav platform. Nav specializes in both consumer and small business credit scoring, enabling lenders to assess creditworthiness for borrowers on the platform.

According to the company, the addition of Bank of America now means Nav offers the most SME business financing options in a single platform.

“We are proud to partner with Bank of America, giving business owners even more ways to access the financing they need,” said Nav CEO and Cofounder Levi King in a statement. “On top of providing more options, we’re also proud to be the only marketplace giving business owners free tools to take care of their credit health so they can improve how they look to lenders and qualify for affordable funding.”

Nav uses its MatchFactor algorithm to show borrowers their odds of approval and break down their compatibility for each financing option, the company said. The platform has facilitated financing to more than 160,000 small businesses, it added.

Nav rebranded from its previous name of Creditera in 2015 as it looked to realign its business model towards business financing. The rebranding followed its acquisition of Fundastic, an online business financing platform that aids borrowers in financing education resources.