If you’re a business owner looking for funding options, a business finance broker can act as a go-between service between your company and third-party lenders. Furthermore, they will assess your needs and arrange the facility from start to finish to deliver the best possible outcome for your business.
As you can imagine, this comes with many benefits.
5 key reasons why you should use a Business Finance Broker
Let’s face it, from saving you resources to sourcing exclusive finance solutions, using a business finance broker really is a no-brainer. Allow us to break down the 5 key reasons why.
1. They Can Save You Money
Firstly, business finance brokers are aware that all businesses are different and therefore need unique funding solutions. They will work with you to fully understand your requirements and restrictions before shopping around to get you the best deal.
Larger business finance brokers also have access to more competitive funding lines because of their long-standing experience in the market.
2. They Can Save You Time
If business owners tried to secure funding on their own, they may struggle to find time and feel overwhelmed with the various options, interest rates, and repayment choices. There are a plethora of lenders available to SME’s and the larger brokers have access to at least 100 lenders. Researching the best fit would take forever.
That’s where business finance brokers come in. They can take the whole process off your hands and provide you with what you need in a straightforward, stress-free manner.
Many finance providers only operate through brokers.
3. They Give You Options
Being experts in their field, business finance brokers know the market inside out. This means that they’re able to give you access to a wider range of solutions compared with traditional bank options.
In other words, a broker is on their client’s side, meaning that you can trust them to find the most suitable options and lenders for your business.
4. They’re Quick
In addition to delivering more variety and flexibility, business finance brokers act fast, especially in comparison to banks. You don’t have to worry about waiting around to be dealt with.
Quite often decisions through brokers can be made within hours which is so much quicker than the timescales banks are working to.
5. They Focus On Building Relationships
Lastly, dealing with a business finance broker means dealing with an individual. They are committed to developing a one-to-one relationship with a business owner for the long term. This is why they deliver high levels of customer service and often answer your calls out of hours and even on holiday.
Furthermore, brokers rarely move on and will stay with your business as it grows and reaches your goals. This differs from bank managers, who tend to move on every six months nowadays. That is, if you’re lucky enough to have a bank manager as a lot of businesses these days are dealt with through call centres, completely losing any form of personal service.
Three Things to Consider When Using a Business Finance Broker
There are a few things to consider when choosing a business finance broker to work with. Ask yourself the following.
1. Are they of a scale that can meet the demands of your business?
A small brokerage often doesn’t have access to all the finance solutions that your business may need. It’s worth finding out how long the company has been operating, how many businesses they’ve helped previously and how many lenders they work with.
2. Do they have specialisms in each area of commercial finance?
Check out their website to read more about which services they offer. A good broker will feature case studies where they talk about the results they’ve achieved for similar companies in the past.
3. Do they hold the right accreditations?
Check for associations and affiliations with leading industry bodies. After all, commercial finance brokers who are authorised and regulated by the Financial Conduct Authority and the National Association of Commercial Finance Brokers, for example, have to adhere to codes of conduct. This is so that they operate to the highest possible standards.
The Takeaway
The knowledge, experiences, and level of care that comes with using a business finance broker is unparalleled.
Not only will they have access to countless funding solutions and lenders for your business, but they can do it in a flash and with your best interests at heart.
There are many commercial finance brokers in the UK. However, PMD has the background, proficiency and resources to source personalised, tailored solutions for your business. Contact us to find out more about how we can help you today.
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