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.”

Nav is a Web and mobile platform for small businesses to access both their personal and business credit scores, along with self-service tools to simplify the often confusing world of credit factors, letting them know what actions can improve their profile, and give them more control of the process for financing and accessing credit lines.

“Small businesses can’t grow without access to capital at reasonable rates,” said Roger Shumway at Celtic Bank, one of the nation’s leaders in SBA lending. “That’s why it is vitally important for small business owners to understand and take steps to improve their FICO SBSS credit score.”

According to recent research by Nav, small business owners who understand their business credit score are 41 percent more likely to be approved when they apply for a business loan than respondents who don’t manage their business credit profile[4].

“We’ve been offering small businesses credit score information from bureaus like TransUnion, Experian, and Dun & Bradstreet since 2012, but the FICO SBSS score is a whole other animal. For instance, it is on a 0 – 300 scale, which is different than other scores,” said King.

In addition to making the lending process more transparent by revealing the FICO SBSS score[5], Nav offers customized feedback to empower business owners to improve their entire business credit life, so they can qualify for favorable financing, like an SBA loan, which helps them saves money and smooth out cash flow.

Small business owners can access both their personal and business summary scores for free at Nav.com, and can get their FICO SBSS score and credit details with a subscription, along with a free marketplace to get matched to financing offers and tools[6] to help build business credit.

About Nav

Nav is the first site that gives small business owners access to both their personal and business credit data and insights for free. With the goal of empowering business owners with better transparency into their small business credit, the platform includes easy-to-read personal and business credit reports, contextual advice and monitoring all in one spot. It also provides tools that help members build business credit and a marketplace that makes it easy for them to use credit to create the business of their dreams.

About FICO®

FICO®, formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO® provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO® solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.

24/7 business and personal credit alerts

Nav is the ONLY source for both personal and business credit scores. Get alerts, advice and monitoring today.

Sign up for free[7]

This article was originally written on July 16, 2015 and updated on December 10, 2020.

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