Experian, the global information services group, is launching a new service called My Business Profile to help the UK’s 2.2 million small and medium sized enterprises.
My Business Profile will help SMEs check and manage their credit profile, increasing their chances of securing financial backing.
Despite various government initiatives, since the start of the 2008 financial crisis the trickle-down of finance has repeatedly failed to fully reach SMEs.
50 per cent of SMEs applying for finance are rejected
SMEs often have to approach larger banks to seek finance which can be a long and time consuming process, with half of the applications usually rejected.
Ade Potts, managing director of Experian’s SME business, believes that one of the essential foundations of a successful business is a healthy credit score.
He said: “Only two in five UK SMEs have ever checked their commercial credit score.
“Once [SMEs] are on top of it, you will be able to spot any problems early on, instead of them taking you by surprise and impacting critical business developments or new contracts further down the line.”
Experian’s new service is aimed to help address this issue and give them “the best possible chance of securing funding”.
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