Empowering Small Business in the Lending Approval Process
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.