When it comes to securing small business loans, a lot of entrepreneurs find themselves in the dark and unaware of the options available to rectify their financial difficulties. Moreso, many don’t know how to bridge the gap and often seek advice from friends or family members. These are obviously not the best people to ask for financial advice nor equipped to provide the best solution to the business – unless of course they are financial advisors themselves. This is where brokers come in.
As a broker, you can help owners in securing small business loans by:
1. Educating the business of all viable loan options
While short term loans in Australia have become an effective financial solution for some businesses, there are still many that don’t know about it or about how it works. Some think that traditional lending is their only option. While banks offer many loan options to clients, there are also short-term lenders who can provide alternative financial solutions with flexible products in a much shorter amount of time. Educate business owners about short-term lending solutions that can address cash-flow issues as well as provide working capital for expansion/ business opportunities.
2. Presenting the best solution to their small business finance issue
As the expert, the broker has the knowledge centre, experience and financial tools available to recommend the best solution for the client’s circumstances. The key to achieving this is to ensure a complete understanding of the client’s circumstance and financial objective. This process enables dialogue, rapport and importantly, trust. With this trust, a client-broker relationship can immediately develop. Only then can you be a reliable adviser to the business.
Through the help of brokers, businesses can get access to more funding options, like caveat loans, short term 1st mortgage or 2nd mortgage that are offered by short-term lenders. In this way, businesses are not restricted to only one solution and have a variety of financial options to consider that immediately address their financial challenges or opportunities. This allows SMEs to focus more on their business and continue providing exceptional products and excellent services to their customers.