Fora Financial, a leading name in the small business financing industry, is excited to announce a significant enhancement to its funding process. In a move aimed at providing greater flexibility and ease to business owners, Fora Financial will no longer conduct hard credit pulls as any part of its funding process.
Traditionally, financial institutions have relied on hard credit pulls to assess a borrower's creditworthiness. However, Fora Financial recognizes that this approach can have a notable impact on a business's credit score. A hard credit pull involves a thorough examination of an individual or business's credit history and leaves a visible mark on their credit report. While these inquiries are used for assessing risk accurately, they may also potentially affect credit scores.
Understanding the importance of maintaining a healthy credit profile, Fora Financial has opted for a more business-friendly approach by exclusively utilizing soft credit pulls during the funding evaluation process. A soft credit pull provides a snapshot of an applicant's credit report without leaving a lasting impact on their credit score. This shift in Fora Financial's credit evaluation process aims to alleviate concerns associated with traditional hard credit pulls, fostering a more accessible and accommodating funding experience for small business owners.
This update aligns with Fora Financial's dedication to innovation and client-centric solutions. "We understand the challenges that businesses face when seeking financing, and we want to make the process as seamless as possible. By eliminating hard credit pulls, we aim to provide our clients with a more transparent, accessible, and streamlined funding experience," said Andrew Gutman, COO at Fora Financial.
Since 2008, Fora Financial has distributed $4 billion to 55,000 businesses. Click here or call (877) 419-3568 for more information on how Fora Financial's working capital solutions can help your business thrive.