Cash-strapped small businesses struggling to secure finance have received a shot in the arm with the launch of an online service from Experian, which, the company claims, will match their needs to the most appropriate brokers and lenders.
SME Finance Finder – claimed to be the first service of its kind in the UK – allows SMEs to tap into a wide pool of potential finance options, they may not have been aware of, helping them get mortgages, invoice finance and asset finance.
Experian believes the service will enhance the chances of the application being submitted to the right provider for the right type of funding and therefore being accepted first time. It ensures the business is matched with the provider and form of finance most suited to the applicant, and that the application is completed and presented appropriately to the lender.
By helping businesses understand their own credit profile and where appropriate, apply for the type of finance more suited to their specific requirements and situation; not only will SME Finance Finder save time and effort, but help businesses avoid making multiple unnecessary applications, according to Experian.
This is important because every time an application is made, a search footprint is recorded. Large numbers of applications might trigger a warning to lenders as it is one of the signs that an applicant may be committing fraud or be in financial difficulty. As a result, large numbers of searches, when linked with other risk factors, can trigger fraud investigations and/or affect credit scoring and a business’ ability to obtain credit.
Experian UK SME business managing director Simon Streat said: “Many small and medium sized businesses don’t always understand the full range of financing options that are available, and certainly don’t want to waste precious time shopping around or applying for finance that isn’t right for their needs.
“The new SME Finance Finder service from Experian puts businesses in touch with those best suited to their requirements and maximises their chances of securing appropriate funding.”
