Tide has launched a new tool called Credit Builder to help small businesses build their credit score.
In Brief:
It aims to help small businesses build up their Experian credit score to give them better borrowing options.
Tide recently found 87% of its small businesses have a credit score below 80.
Businesses will be offered a small loan they can pay back through Tide to boost their score.
What does this mean?
Tide aims to help businesses boost their credit score by enabling them to make small regular payments which will then be reflected on their Experian data. The hope is that this will enable SMEs to borrow more so they can invest in growth following the pandemic.
