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Nationwide partners with BlueVine to help business owners get online growth financing

Vlad Poptamas

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Photo source: bizjournals.com
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Nationwide is taking the next step in a venture capital investment it made last year in online small business lending company BlueVine by expanding its relationship with the company to offer BlueVine’s fast and flexible financing to small businesses through Nationwide’s Business Solutions Center.

Small businesses can access the company’s innovative online lending platform by applying here. The BlueVine platform offers approvals in as fast as 10 minutes.

“Nationwide serves over 1 million small businesses and is No. 1 in customer satisfaction with small commercial insurance1. So, we’re committed to small business owners and proud of the connections we make with companies like BlueVine to help them move their businesses forward,” said Tony Fenton, vice president of Nationwide’s Underwriting, Product & New Product Development. “Helping those business owners protect what’s most important to them and plan for a secure financial future is at the core of what we do.”

According to recent data2, most U.S. small- and medium-sized businesses have less than one month’s cash buffer. Cash buffer days are the number of days of cash outflows a business could pay out of its cash balance were its inflows to stop.

And while access to working capital is critical to business growth and stability, small businesses traditionally struggle to get the financing they need.  From a 2017 Federal Reserve Bank study3:

  • 40 percent of employer firms applied for financing in the previous 12 months
  • 75 percent sought less than $250,000
  • 54 percent of applicants failed to get the full amount they needed
  • 24 percent received no funding at all

Business Financing Made Easier
BlueVine’s online platform provides business owners with fast and easy access to working capital financing without the hassle of visiting a branch or submitting mountains of paperwork. Completing an application takes minutes, and approvals can be delivered in as little as 10 minutes. The company provides lines of credit up to $250,000 and invoice factoring up to $5,000,000 in funding availability.

“We’re thrilled to be working with Nationwide to expand access to financing for small business owners” said Eyal Lifshitz, founder and CEO of BlueVine. “Our platform was designed specifically for business owners who are looking to take their business growth to the next level but need flexible working capital support to get there. By making working capital financing fast, easy and flexible for business owners, we’re delivering on our mission – to expand access to capital for small business owners. This mission-driven focus is a strong compliment to Nationwide’s stewardship in the small business community.”

Online lending powered by BlueVine is just one of several products and resources Nationwide provides a variety of businesses through its Business Solutions Center. For more information on business financing offered through BlueVine, click here.

Nationwide innovation efforts gain momentum
In addition to the relationship with and investment in BlueVine, Nationwide has also announced the following innovation related efforts over the past year:

  • Nationwide’s venture capital team has made 12 investments to date, including SocotraBetterviewNexarblooomInsurifyNext InsuranceMatic and Sure.
  • Nationwide plans to open a new innovation center in the Arena District near its Columbus-based headquarters in 2019.
  • Nationwide is committed to driving innovation that helps members:
    • Live comfortably in retirement
    • Meet their insurance and financial needs in novel and digital ways
    • Protect their data and digital assets
    • Protect them in the evolving area of mobility

“Nationwide is constantly seeking ways to partner with companies to collaborate and innovate together,” said Erik Ross, head of Nationwide’s venture capital team. “Careful, well-researched investments in companies like BlueVine enable us to brainstorm, develop and execute a new wave of solutions that drive innovation, establish mutual value and ultimately create success for our members.”

 

SOURCE Nationwide

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Artificial Intelligence

Ideanomics signs MoU with Beijing Foton Motor Company; Definitive Agreement to Follow

Vlad Poptamas

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Photo source: ideanomics.com
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Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global Fintech and AI catalyst for transformative industries, today announced the signing of a MoU with Beijing Foton Motor Company(“Foton”), which will serve as a pre-cursor to a definitive agreement, to allow the two parties to begin working immediately.

The agreement for China-based activities is a 2-year deal, at 5 Billion RMB (approximately $750 Million) per year, making the overall deal valued at 10 Billion RMB (approximately US $1.5 Billion). Ideanomics will provide ABS lease financing of 10 Billion RMB over two years, and fulfill with for Foton on orders of 60,000 EV buses, broken down as follows: 1) not less than 20,000 vehicles from state-owned large-scale tourism groups and referred to as “Tourist bus orders”; 2) no less than 20,000 bus orders from local governments or local bus transportation systems; 3) no less than 20,000 Tourist bus orders from major domestic tourism associations and/or their members. Furthermore, for bus orders introduced by Ideanomics, a commission will be paid for each bus unit sold, at an amount to be determined according to each respective order.

For Malaysia-based activities, including cooperation for the extended ASEAN region, the supply of bus parts and systems, including EV batteries, and a cooperation on the implementation of a charging network, for which Ideanomics shall source no less than 6,000 vehicles from the Malaysian central government and its departmental agencies including EV buses and Police passenger vehicles (cars and motorcycles). For orders within Malaysia and the ASEAN region, Ideanomics shall be entitled to commission per unit sold, at an amount to be determined according to each respective order.

For Vietnam-based activities, Ideanomics shall source no less than 20,000 vehicles, both EV Bus and passenger car for e-taxi conversion, with Foton making available its 30,000-part bus system and technology for assembly in Vietnam. The agreement allows for negotiations with the Vietnam state electrical grid, to introduce a national charging network.

The agreement also allows for projects in other geographical areas, including Europe and the Americas, on a project-by-project basis.

“We are very grateful for the efforts of Dr. Wu, Avis Zhu and the entire China-based Ideanomics team, with support from our colleagues at Treeletrik in Malaysia, for successfully delivering on this deal. Foton is arguably the premier EV bus manufacturer globally, and this agreement positions us to further consolidate our position as a global EV advisory services company, as well as enable us to expand our footprint beyond China with the leading EV bus product available today. The fact Foton promoted signing a MoU, to allow the parties to begin activities immediately while the broader definitive agreement is signed, is testament to our growing reputation as the advisory partner of choice for large-scale EV initiatives in Asia,” said Alf Poor, CEO of Ideanomics.

Beijing Foton’s commercial division is focused on building a future of efficient and environmentally friendly EV Buses and other commercial vehicles, as a vehicle manufacturer. Ideanomics is leading the way for the future of ABS financing, technology enablement with the application of blockchain and artificial intelligence technologies as part of the next-generation of financial services,” said Mr. Liang Shaowen, of Beijing Auto Foton Commercial Vehicle. “Together, Foton and Ideanomics will seize upon the opportunity of large-scale EV and Hydrogen replacement of public and private transportation infrastructure in major markets and the same time raise the standard for technologically advanced vehicles which offer dependability, reliability and improved customer satisfaction. This, coupled with compelling, economically viable, financing programs for the cities and bus operators that manage these fleets will serve a much-needed gap in the market.”

 

SOURCE Ideanomics

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Artificial Intelligence

Study on electric and smart transportation: vision is required to create an environment conducive to innovation to position local companies as leaders

Vlad Poptamas

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Photo source: ccmm.ca
Reading Time: 2 minutes

 

The Chamber of Commerce of Metropolitan Montreal and Propulsion Québec, the cluster for electric and smart transportation, today released their study entitled Positioning Quebec and Montréal as leaders in electric and smart transportation. The study is meant to fuel much-needed reflection that will enable Quebec and Montréal to stand out in this economic sector of the future.

“The electric and smart transportation niche has incredible economic and technological potential, and the city has a unique opportunity to take its place in that niche,” said Michel Leblanc, president and CEO of the Chamber of Commerce of Metropolitan Montreal. “We have everything we need to make our presence felt: a critical core of technology talent and businesses, a concentration of global leaders in artificial intelligence, and, of course, world-renowned creativity. The Chamber is proud to release this study, which is a starting point for this essential reflection process. We encourage industry decision makers and actors to read it. We all need to adopt the avenues for action it identifies to enable local businesses to develop the mobility innovations and solutions of tomorrow.”

“The future of mobility is connected, autonomous, shared, electric vehicles,” said Sarah Houde, CEO of Propulsion Québec. “This study shows that Quebec has assets to distinguish itself in these niches. We need to leverage Quebec’srecognized expertise in electrification and the pool of innovative businesses in land transportation. But our success in this changing sector requires an agile regulatory framework, adapted to both the current technological context and our ambitions. The study provides an analytical tool for the best ways to support the deployment and commercialization of transportation innovations. Propulsion Québec is determined to bring together industry stakeholders to make Quebecthe ultimate place to develop, test and implement new mobility technology.”

“The rapid rate of change in the field of transportation here and around the world requires a paradigm shift at every level to make room for innovation and ingenuity,” said Marc Blanchet, vice-president, Southwest Quebec, at SNC-Lavalin. “We support this study that speaks to all actors and offers areas of focus to accelerate innovation and provide momentum to Quebec’s electric and smart mobility industry.”

The study Positioning Quebec and Montréal as leaders in electric and smart transportation has four main chapters:

  1. A diagnosis of the regulatory framework of Quebec.
  2. A benchmark of international best practices based on an analysis of the regulatory framework and public policy from ten territories.
  3. A summary of success factors drawn from international benchmarking to identify areas of excellence and avenues for improvement for Quebec.
  4. Avenues for recommendation for Quebec and Greater Montréal, structured around three strategic areas:
    1. Strategic focus 1: Increase the offer of electric and smart mobility products and services developed in Quebec
    2. Strategic focus 2: Increase demand for electric and smart transportation
    3. Strategic focus 3: Ensure the growth of the transportation industry by optimizing and coordinating government strategies

To consult the entire study and its highlights, visit ccmm.ca/etude_transports_electriques (in French only).

 

SOURCE Chamber of Commerce of Metropolitan Montreal

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Automotive

Electric Mobility for Smarter Cities: The Future of Energy

Zoltán Tűndik

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Reading Time: 3 minutes

 

Electric Mobility Market will observe a lucrative growth from 2018 to 2026 due to rise in demand for and sales of electric vehicles in developing countries due to concerns about high air pollution levels”

Electric mobility refers to all vehicles that are powered by an electric motor or those that receive power or energy primarily from the power grid. Electric mobility includes all-electric vehicles, which include battery operated electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. Electric mobility is majorly a low or zero-emission vehicle, which contributes significantly toward a greener environment through a reduction in carbon emission.

The surge in emission levels, which are harmful and injurious to the human health and environment, caused by fossil fuel powered vehicles has prompted global and state regulatory bodies to propose, design, and develop eco-friendly machinery and vehicles. This has led to the development and operation of electric mobility, which is considered the best possible alternate vehicle for the environment. A rapid rise in demand for and sales of electric vehicles in developing countries due to concerns about high air pollution levels is a key factor that is projected to drive the electric mobility market during the forecast period.

Additionally, growing support by governments around the world, by means of initiatives and subsidies, around the world is another factor that is anticipated to propel the electric mobility market during the forecast period. Furthermore, rise in adoption of electric mobility for commercial purposes, such as taxis, across the globe, especially in countries such as China, and the U.S., coupled with rising in demand for alternative fuel vehicles is another major factor that is projected to boost the electric mobility market during the forecast period. However, a lack of charging infrastructure coupled with the higher cost of electric mobility is likely to restrain the electric mobility market during the forecast period.

In terms of vehicle type, the electric mobility market can be classified into passenger electric vehicle and commercial electric vehicle. The passenger electric vehicle segment accounts for a higher share of the electric mobility market. This is majorly due to a higher rate of adoption of electric vehicles owing to emission concerns and awareness coupled with stringent government emission norms and policies.

Based on component, the electric mobility market can be bifurcated into electric motor, battery, and other three segments. The battery segment dominated the electric mobility market, primarily due to its application as a highly essential component of any kind of automobile. It serves as a primary power source for electric automotive functions.

Major players operating in the global electric mobility market include Tesla, Inc., Nissan Motor Corporation., Toyota Motor Corporation., Renault, Hyundai Motor Company, General Motors, Ford Motor Company, AB Volvo, BMW AG, BYD Company Limited., Daimler AG, Honda Motor Co., Ltd., Mitsubishi Motors Corporation, Tata Motors, and Volkswagen AG.

Get More Insight About Electric Mobility by TMR

Written by Chaitali Gawande

Author Bio: Hi, I am Chaitali Gawande and I am currently working as a Senior SEO analyst. I have good experience in the field of business and industry research. The impact of digital technologies across the science, technology, and business domains gives me writing a fresh and modern content. I have experience in SE rankings, keyword research, website analysing, SEO Content writing, social media optimization and link building. I am also a technology and Automotive

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