FUNDING Xchange has partnered with Experian on a new software tool that will help the credit agency’s small business customers find appropriate funding solutions.
The small business funding platform will be integrated with Experian’s My Business Profile, a business credit score tool used by over 25,000 small- and medium-sized enterprises (SMEs) since its launch in 2016.
This will give those SMEs access to a range of funding options via Funding Xchange.
Additionally, SMEs who have previously struggled to secure funding through Funding Xchange will be given a free trial of My Business Profile to help them take steps to improve their chances next time.
“The credit profile of a business and business owners are important factors in lenders’ decision making,” said Katrin Herrling (pictured), chief executive at Funding Xchange.
“It is well recognised that companies that do engage with their data and understand the impact of their financial information on decisions lenders make about them, already have a higher chance of finding funding.
“Funding Xchange has built up a comprehensive panel of small business lenders with a wide range of financial products and credit appetite which gives Experian’s small business customers a better chance of finding the money they need, when they need it.”
James McGarva, head of business information at Experian, said they understood the importance of funding for small businesses looking to grow.
“At the same time, it’s also important for owners and directors of SMEs to better understand how they can strengthen their credit history to give them the best chance of securing that funding,” he added.
“That’s why we are excited to be working with Funding Xchange, as it gives our customers a seamless link to the appropriate finance options, while also giving the opportunity for those turned down for credit to get the support they need to improve their business credit score. We hope that through this partnership we can help support the success of many more small businesses.”