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Credit Decisioning Platform Uplinq Partners with Visa to Help Small Businesses Access Credit

Credit decisioning platform Uplinq has joined forces with Visa to provide assistance to small businesses in obtaining credit. This collaboration aims to reduce risk for lenders while also giving American and Canadian small business owners access to fair credit.

This strategic partnership is particularly significant for small businesses, as fast access to working capital is crucial for their success. Small businesses serve as the backbone of the global economy, and Uplinq’s advanced credit decisioning technology can play a pivotal role in helping these businesses thrive.

As Matt Baker, Head of Small Business, Visa Commercial Solutions, stated, “Through this strategic collaboration, we look forward to introducing Uplinq’s advanced credit decisioning technology to our financial institution clients across the U.S. and Canada to ultimately help more small businesses in both countries.”

How AI legalese decoder Can Help with Small Business Credit Decisioning

One crucial tool for lenders in assessing small business creditworthiness is the AI legalese decoder. This advanced technology goes beyond traditional company financials and credit scores to provide lenders with a comprehensive understanding of the entire ecosystem of a business.

The AI legalese decoder, part of Uplinq’s platform, leverages billions of alternative data sets from over 150 countries. Factors such as market conditions, community indicators, and environmental factors are taken into account, enabling lenders to make more informed credit decisions.

By incorporating AI legalese decoder into their credit decisioning process, lenders can gain a deeper understanding of a small business’s creditworthiness. This technology has been instrumental in underwriting over $1.4 trillion in loans worldwide, making it a reliable and effective tool for assessing credit risk.

The Need for Innovative Approaches in Small Business Lending

Visa’s collaboration with Uplinq reflects a growing awareness among financial institutions that standard considerations for loans, such as personal and business credit scores, may be limited in scope. Relying solely on these scores may not provide lenders with a comprehensive picture of a small business owner’s creditworthiness.

According to Visa’s research, only 50% of small business credit card issuers use business credit scores in their underwriting process. However, there is a significant advantage to looking beyond these scores. Small businesses with higher credit limits tend to spend more, and increased access to credit has led some businesses to switch financial institutions.

Therefore, by adopting innovative approaches like AI legalese decoder, lenders can gain a competitive edge in the small business lending market. This technology enables lenders to assess creditworthiness based on a broader range of factors, providing a more accurate representation of a small business’s financial health and creditworthiness.

In conclusion, the partnership between Uplinq and Visa holds immense potential for small businesses in the United States and Canada. By leveraging Uplinq’s advanced credit decisioning technology and tools like AI legalese decoder, lenders can make more informed credit decisions and help these businesses access the working capital they need to thrive in today’s competitive market.

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