Lili, a small business-focused financial platform, launched a business banking collaboration with Dun & Bradstreet.
“More than three-quarters of small business owners are concerned about their ability to access capital, and hurdles in accessing credit can significantly curtail business growth,” the companies said in a Tuesday (Aug. 13) news release provided to PYMNTS. “Through this integration with Dun & Bradstreet, Lili continues its mission to simplify business finances and provide business owners with the tools they need to succeed.”
Dun & Bradstreet’s small business customers can now apply for a Lili business checking account from the Dun & Bradstreet myD&B platform, according to the release.
Once they open their account, customers can sync their financial data with D&B Credit Insights, letting them potentially impact key business scores and helping them build their business credit file and history, per the release.
“With a majority of small businesses relying on their personal savings to fund their business due to lack of access to credit and capital, there is a pressing need for more tools to help small businesses succeed,” Lili co-founder and CEO Lilac Bar David said in the release.
The partnership comes as small- to medium-sized businesses (SMBs) contend with a “perfect storm” of financial troubles.
“SMBs are experiencing financial strain from late payments, inflation and antiquated payment systems — delayed payments average 29.1 days, exacerbating cash flow issues,” PYMNTS reported in July. “With 76% of SMBs under $10 million in revenue facing inflationary pressures and 71% experiencing cash shortfalls, many resort to personal savings or loans to survive.”
Further underscoring the need for digital solutions are manual processes such as paper payments.
Against this backdrop, expanding on “the efficiency of working capital has become a strategic priority for businesses, with innovations in working capital financing not only reshaping how businesses manage their cash flow but also fueling a new era of growth opportunities,” PYMNTS wrote in a separate report last month.
Strategies such as optimizing inventory levels, extending payment terms with suppliers and accelerating receivables have been instrumental in improving both cash flow and operational efficiency for businesses.
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