FSB CreditPal launched by Federation of Small Business to help members access finance

March 19, 2010

The Federation of Small Business (FSB) has announced FSB CreditPal as its latest member benefit at 2010 conference.

The FSB is the latest organisation to throw its weight behind the CreditPal service, seeing the benefit it can bring to businesses that want to improve access to credit and finance and strengthen their supply chains.

CreditPal, which is provided by Future Route, will be available to members for FREE as FSB CreditPal in association with Graydon.

FSB members will be able to use the service to submit standardised, validated and summarised management accounts via CreditPal to leading credit referencing agency Graydon. Graydon will then use this information to produce an up-to-date credit recommendation for that business. FSB members will be able to use the service for FREE as a right of membership.

More and more suppliers, trade insurers and financial institutions are requiring up-to-date financial information from small businesses before they will provide credit lines or financial products.

Traditionally business credit reports have been generated from the statutory annual accounts filed at Companies House, which can be 22 months out of date. As a result, many small businesses are being wrongly assessed even if their business is performing and often without them knowing anything about it.

This problem will only get worse as the economy recovers and more businesses are saddled with statutory accounts filings and credit recommendations that reflect their performance at the height of the recession. This could threaten both their recovery and their long-term survival.

In addition to the free FSB CreditPal service, members will also enjoy the benefit of a 15% discount on the CreditPal Plus upgrade.

CreditPal Plus is a business management tool that enables owners, managers and directors to manage their businesses better. It includes a set of easy to use tools that allow them to investigate their accounts in detail without amending the source data. It also provides interactive management reports, such as debtors and creditors, which allow them to stay on top of cashflow and maximise the money in their business.

To find out more, click here.

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