Empowering Small Business in the Lending Approval Process

Nav is the only web and mobile destination small business owners can get their FICO® business credit score, the FICO® LiquidCredit® Small Business Scoring Service℠ (SBSS℠)

Users will be able to access key information to understand and leverage the context around their FICO SBSS score

Nav announced today at the Seattle Small Business Expo the integration of the FICO® LiquidCredit® Small Business Scoring Service℠ (SBSS℠). Nav is the first and only Web and mobile-based platform where small business owners can get their FICO business credit score[1]. With Nav, small business owners will for the first time receive a complete overview of their personal and business credit health, including their FICO SBSS score. It is often called, the credit score every small business needs to know.

The FICO SBSS score[2] is meant to be a quick underwriting tool for lenders to judge businesses. The score is different than the personal FICO score many people know. The business FICO SBSS score factors in personal credit, business credit and financial business data and is utilized by banks, credit unions and more than 7,500 lenders across the U.S as part of the qualification for small business loans. Importantly, it is one of the primary criteria for qualifying for the most popular government-backed U.S. Small Business Administration (SBA) loans.

“Most business owners don’t know where their credit stands and getting access to capital is a mess,” said Levi King, co-founder and CEO of Nav. “There are over 40 different types of financing business owners can use. And, while SBA loans offer some of the most attractive terms for small businesses, unfortunately, most don’t qualify.

“Now, with access to their FICO SBSS score, business owners can see exactly where they stand, and take control of the factors that they are judged on by lenders, credit card companies, and even the other businesses they work with. For businesses that do not qualify for SBA loans[3], we have a marketplace that guides them to their next best alternatives.”

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