Equifax Helps Drive Small Business Growth With Its Data-driven Solutions

Equifax recognizes the foundational role that more than 36 million small businesses play in the U.S. economy. With Small Business Month  observed in May, Equifax aims to assist these businesses with  navigating a complex and evolving financial landscape, providing the data-driven insights and solutions that enable small business lenders to make more informed decisions.

How Lenders are Using Data to Fuel Small Business Growth

Lenders are increasingly leveraging comprehensive data to move beyond traditional risk assessments and actively support small business success. By combining granular commercial data with proprietary insights, lenders are gaining the ability to serve a broader range of businesses — including newer ventures with limited credit history — by leveraging unique solutions, like those offered by Equifax, for a more equitable evaluation of financial health. Robust data capabilities also allow lenders to verify business identities and mitigate fraud risk that could otherwise slow the lending process. Ultimately, the use of this enriched data is transforming how lenders operate, allowing them to confidently extend capital, accelerate decision-making and act as true partners in fueling the growth trajectory of small businesses.

Empowering Small Businesses to Live Their Financial Best

Building on the demonstrated resilience and stability of small businesses and the local economies they represent, Equifax is dedicated to providing lenders and small businesses with the clarity needed to foster continued growth and financial stability.

• Expanding Access to Credit with OneScore for Commercial: Many newer small businesses start with "thin files" — credit files with four or fewer accounts — which often prevents them from accessing the financing they need. Equifax is committed to solving this challenge and unlocking opportunity. The OneScore for Commercial solution helps bridge this gap by carefully incorporating data from both the business and its owners. This approach provides lenders with a fuller, more equitable understanding of a business' true financial health, ensuring that deserving entrepreneurs can secure the critical capital for expansion, inventory or operations.

• Protecting Business Integrity with Business Verification: Small business identity theft is a serious and pervasive threat in today's digital economy, diverting focus and resources from growth. Equifax is dedicated to defending the integrity of these crucial ventures with its Business Verification Solution. It was designed to help lenders and service providers rigorously vet new partners, vendors or potential clients. By mitigating the risk of fraudulent actors, businesses can better maintain trust in their relationships and remain focused on serving their communities.

• Connecting Small Businesses to the Right Opportunities: Small businesses sometimes struggle to gain the necessary market visibility to find and attract their ideal customers, creating complex growth challenges. Equifax recognizes that informed decisions are foundational to stable growth. B2bConnect ™ supports this commitment by unifying and harmonizing fragmented business data from more than 80 million verified U.S. business records, covering 95% of U.S. small businesses. This clarity allows business owners and service providers to confidently identify their best-fit customer profiles, build lasting relationships and engage prospects with the precision needed for sustainable success.

Through innovative solutions, Equifax continues to help lenders create more opportunities for small business owners to secure their financial footing and move confidently toward a prosperous future. Learn more on how Equifax helps drive better outcomes for small businesses.