Sometimes all that disadvantaged small-business owners need to help them overcome the daily challenges of succeeding in business is a hand up.
That’s why Experian has recently renewed it partnership with the U.S. Small Business Administration (SBA) to provide full access to its BusinessIQ ExpressSM tool at no charge to Historically Underutilized Business Zone (HUBZone) firms and other small businesses within the SBA’s 8(a) business development program that are considered to be at a disadvantage socially and economically.
Designed to stimulate economic development and promote job growth in urban and rural communities, the HUBZone program helps small firms in these areas pursue contracting opportunities for which they otherwise may have been overlooked. In support of the program, the federal government allots three percent of its procurement spending on small businesses that call a HUBZone home.
The fact is, knowledge is power no matter how large or small the business may be. Easily accessible online, BusinessIQ Express helps small-business owners gain deeper insight into their business relationships and make more informed decisions by helping them evaluate new business opportunities, monitor present customers and collect outstanding debts.
Wynsor, a woman-owned small business based in Idaho that provides highly innovative technical, regulatory and risk management solutions, uses BusinessIQ Express to evaluate prospects on their likelihood to pay or deliver on time before engaging with them.
BusinessIQ Express helps level the playing field so the owner can compete more aggressively with bigger companies without taking unnecessary risks. She says she simply can’t afford to spend precious time and resources chasing bad prospects, let alone provide valuable services to companies that are slow payers or may even be teetering on bankruptcy. In her opinion, the accuracy of BusinessIQ Express is dead on.
D & D Seeds, an Oregon-based wholesale distributor and retailer of many types of seeds and farm equipment, also uses the tool to check out new prospects before doing business with them, and to monitor the credit behavior of its current customers. The owner says that it’s when an existing customer is bought out by another organization that BusinessIQ Express can be particularly helpful. To avoid risk, it’s critical for D&D to know the credit history of those new owners who may not be as punctual with payments as their predecessors.
Houston-based Spectrum Uniforms, a manufacturer of high-quality uniforms, medical apparel, professional medical products, accessories and promotional items, is also pleased to have access to BusinessIQ Express. The company’s accounting department receives timely alerts and notifications via email of any key changes with current accounts so prompt actions can be taken that help minimize risks.
Though these and so many other HUBZone small businesses that are benefiting from the program hope not to have to use them, unique options are also available from BusinessIQ Express that can help them collect on outstanding debts and avoid future losses.
With access to BusinessIQ Express, even small businesses can have a powerful resource at their fingertips to help meet business obligations and improve profitability just like the big guys.
Want to participate? Certified 8(a) and HUBZone businesses should send an email to the SBA accepting the BusinessIQ Express service at email@example.com, where they will be verified and then enrolled into the service. For more information about BusinessIQ Express, visit www.BusinessIQexpress.com/SBA.