Fox Chase Bank announced earlier this week that it had created an innovative tool designed to help small business owners gather a better understanding of what their companies are worth.
According to a recent American Banker article, Fox will soon launch a community banking tool. It is a type of modeling tool, similar to Zillow.com, and will help private companies complete data entry within an hour so they can receive a valuation estimate for their firm. Additionally, the tool is expected to help increase commercial lending at Fox.
BizEquity President and Chief Executive Michael Carter also spoke with the news source on the matter, as his company provides the valuation model tool.
“We are trying to help the business owner and the banker,” Carter said. “You don’t have to be an accountant to know what the business is worth.”
Fox explained to the news source that its target audience includes entrepreneurs who will run what-if models before they pull the trigger on a business decision. Additionally, customers will an advantage over non-customers because their data will be stored, which can help them avoid reentering their data later on.
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