Hello Alice’s Business Health Score helps small CPG companies access capital

By Deniz Ataman

- Last updated on GMT

Source: Getty/Dragon Claws
Source: Getty/Dragon Claws

Related tags Small business CPG Inflation credit Funding

The fintech platform, along with the Global Entrepreneurship Network, intends to help small to medium-sized businesses access capital with the launch of the Equitable Access Program and its first product, the Business Health Score.

With support from Wells Fargo, JPMorgan Chase, Mastercard and the Kauffman Foundation, The Business Health Score (The Score) tool is a “new industry-wide measurement of business health​” through customized assessments and recommendations on services and products for businesses to secure more investment, financing and credit opportunities, according to Hello Alice’s press release.

The Score is particularly relevant to CPG manufacturers as food and beverage businesses are in the top three industries of Hello Alice’s one million members of small business owners.

The Score highlights the ‘need for financial hygiene and resilience” in a value-driven economy

For small to mid-sized food and beverage businesses, the current economic climate contributed significantly to challenges in supply chains, raw material pricing and consumer behaviors -- underscoring "the need for financial hygiene and resilience​,” explained Elizabeth Gore, co-founder and president, Hello Alice.

As consumers and businesses are navigating a value-driven market, SMB owners are managing the fine line between generating revenue and strengthening customer loyalty.

Gore said she hopes that The Score will serve as a strategic tool to help small businesses owners ease the effects of inflation on their business and customers.

“SMBs in this industry can gain a greater understanding of their business health and then utilize the personalized resource recommendations to strategize how to overcome these challenges and maintain healthy cash flows,” ​she added.

Identifying white spaces in business and financial health

Based on Hello Alice data, almost 70% of small business owners in 2022 applied for funding to manage inflation-related challenges, while another 70% plan to seek funding in 2023. Further, 25% of small business owners applied for a business credit card. However, a substantial 85% were denied due to poor or no credit.

The Score is a self-assessment questionnaire with a resulting number ranging from 0 to 100. This figure is calculated by identifying three key areas that influence a business’ health: financial and business management practices, financial performance and position and credit history.

Once the questionnaire is completed, Hello Alice provides resources and support customized to improving the business’ Health Score.

“The self-assessment tool helps them understand what areas they may not be as strong in and where they need to focus their time on improvements,” ​Gore added.

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