FICO SBSS Business Score
Do you know FICO® small business scores are being widely used today?
I’m guessing that you just did a double take when you saw that your business has a FICO® score. Although you’re probably no stranger to your own personal FICO® Scores, did you know that business scores issued by FICO® are nothing new?
Hundreds of financial institutions use these scores when making small business credit decisions. Since 2003, the Small Business Administration (SBA) has used the Small Business Risk Portfolio Score in its 7(a) and 504 loans programs. It’s also used the FICO® SBSS score since 2007 for small business borrowers.
David Lightfoot, vice president of product management at FICO®, says “It gives small business credit grantors the strongest predictor of credit risk relative to other small business scores, enabling them to pursue profitable growth strategies, adapt quickly to changing market conditions and make more competitive offers to small business borrowers.”
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