Many small and medium sized businesses don’t always understand the full range of financing options that are available to them, and certainly don’t want to waste precious time shopping around or applying for finance that isn’t right for their needs. For them Experia, the global information services company has recently come up with a free online service for SMEs designed to match their particular finance needs to the most appropriate brokers and lenders.
The SME Finance Finder, the first service of its kind in the UK allows SMEs to tap into a wide pool of potential finance options, including mortgages, invoice finance and asset finance. It aims to save valuable time and introduces SMEs to a range of finance options and providers that they may not have been aware of. The new SME Finance Finder service puts businesses in touch with those best suited to their requirements and maximises their chances of securing appropriate funding.”
Furthermore, 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 aims SME Finance Finder save time and effort, but the global information services company also says it helps businesses to avoid making multiple unnecessary applications.
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 present in conjunction with other risk factors, can trigger fraud investigations and/or affect credit scoring and a business’s ability to obtain credit.
The businesses supply details of its Finance needs, its purpose and basic contact information. The information services company then uses a range of publicly available information and its own proprietary data about the business, including its credit history, to create a full company profile.This profile is used to match the business with a suitable broker or lending partner and the most appropriate finance option. The partner then makes contact with the business within two working hours to progress their application. Making the whole operation very simple.