An important article to read discussing the role of small business credit scoring in 2014 and how it will impact business lending. The figures to play an important role in franchise lending.
The FICO consumer credit score was first introduced in 1989 and is used today by 90% of all consumer lenders when determining loans and interest rates. And although the leading business credit score –FICO’s Small Business Scoring Service or SBSS Score – isn’t new, thanks to an SBA rule change, 2014 is posed to be the year of the small business credit score. This change has powerful implications for lenders and borrowers alike.
Read more: Small Business Loan Credit Score