Sageworks Extends Free Data Access to CUs, Banks
Sageworks, a financial information company that provides risk management solutions, said it will make its database of industry statistics on privately held companies available for free to credit unions and banks.
The Raleigh, N.C.-based firm said as of April, its database included more than one million aggregated private company financial statements.
Previously, these industry metrics were only available to paid subscribers of Analyst, Sageworks’ credit analysis for financial institutions, the company said.
Through the use of its benchmarking data, Sageworks said financial institutions will be able to examine and benchmark business borrowers in the credit analysis process at origination and annual review and build better relationships with business clients.
The industry reports offered by Sageworks cover 1,400 industries, the firm said. Each industry report includes 60 financial metrics such as average revenue growth, net profit margin, percentage of total revenue spent on items such as rent and advertising, among many others.
Both historical and recent data is provided so credit unions and banks can assess industry trends over time, as well as current benchmarks, according to the firm.
“We’ve always believed that the key to making smart, profitable business decisions is access to reliable and easy-to-use financial information,” said Scott Ogle, CEO of Sageworks.
He added, “Industry benchmarking data allows banks and credit unions to make better lending decisions with the added confidence of knowing where a business stands in relation to similar companies across the country.