Experian® and Nav, the only free source for both personal and business credit scores, today announced a strategic partnership to provide small businesses greater transparency into their business and personal credit data, along with instant access to their most-qualified financing options based on their credit profile. This new and free approach saves small businesses valuable time and money, helping to fuel economic growth in one of America’s most important sectors.
Transparency, Education and Streamlined Financing
Despite being a significant economic driver, 72 percent of small businesses get turned down for traditional loans. Moreover, the average Annual Percentage Rate for an alternative loan is 94 percent. If small businesses are really going to thrive in America, business owners need to know how to qualify for—and get connected to—funding they can afford.
By working together, Experian and Nav are able help small businesses do this by leveraging Experian’s deep levels of data on consumers and businesses and Nav’s technology platform, which is already used by more than 150,000 small business owners. The new collaboration will provide business owners with the personal and business credit data lenders use to evaluate them, actionable tools to help improve their business profiles, and an algorithm that matches them to their most-qualified funding options based on their actual data before they apply – all quickly and easily within a secure environment.
Nav recently completed its series B funding of $25 million from existing investors and new investors including Experian. Experian is the lead investor in the round and will also secure a seat on Nav’s Board. Financial Technology Partners LP served as exclusive strategic advisor to Nav in this transaction.
Source: Experian Press Release