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Nav Adds ‘Credit Health Experience’ to Business Financial Health Platform

Nav has added a new “credit health experience” to its financial health platform for small businesses.

The new Nav Credit Health helps small business owners understand their business and personal credit, learn how to improve them, and see how they can use both their current and future position to access funding, the company said in a Wednesday (April 10) press release.

“Our new credit health experience uniquely positions us to assist businesses in not only understanding and enhancing their business credit but also in confidently leveraging their credit health for new growth strategies and funding, all in one place,” Neha Komma, vice president of product at Nav, said in the release.

With this information, small business owners will be better prepared to take actions that will improve their business credit over time, such as paying on time, improving credit utilization and keeping tradelines reporting, according to the release.

As their score changes, they can see the impact this has on their eligibility for financing options, the release said.

This new offering joins Nav’s platform that provides small businesses with cash flow and credit insights, suggested financing options and the ability to see what financing they can qualify for before they apply, per the release.

“The new credit health experience is the latest enhancement to Nav’s platform all aimed at increasing small businesses’ credit health and eventual access to capital putting them in the best position to thrive and grow,” the press release said.

This announcement comes on the heels of several other additions made to the Nav platform.

For example, in March, Nav partnered with Fundbox to ease the way for small- to medium-sized businesses to access capital. With this collaboration, Fundbox’s pre-approved offers can be presented to Nav’s users.

In February, Nav teamed up with Gusto to help small businesses overcome cash flow obstacles. This partnership allows the users of Gusto’s payroll, benefits and HR platform to build business credit and tap into Nav’s network of financing options.

In another addition to its platform, Nav said in January that it launched a “next best option” service for small businesses that have been rejected for a credit card or loan. The service enables these businesses to gain clarity on alternatives.