Unlocking B2B Small Business Growth, By Speeding Up The Payment Process

Lara Hodgson and Stacey Abrams—yes, the politician and activist—founded Now Account to make it easier for small businesses to access financing. By providing a credit card-like system that pays sellers quickly (minus a one-time 3.5% fee), Now Account allows small businesses to grow without being a “free bank” for their customers. There is a $40 billion unmet demand for financing for people of color alone. This financing option has the potential to unlock substantial economic growth.

Understanding Small Businesses’ Payment Problems First Hand

Hodgson and Abrams met at a leadership conference in Atlanta. They teamed up in 2010. Since then, they have created three companies. The second business—Nourish, which sold a patented line of spill-proof purified water for infants and toddlers—gave the duo a bird’s eye view of the challenges small businesses face when financing growth. Many of their customers don’t pay their invoices in 30 days, 60, or even 90, making it near impossible for small businesses to meet payroll and pay suppliers.