Most SME business owners still deal directly with their primary banking institution and have dealt with their bank for many years. So, when the bank rejects your latest application, you naturally think the deal just isn’t viable for you. However, commercial finance brokers understand from dealing with banks on a daily basis, that not all banks are open for the same type of business at the same time, and bank sentiment changes often.
So what does this mean for you?
Find the Lender that’s Open for your business
We have seen a rise in the number of applications which have been declined by one bank being approved by another. so, one of the key benefits of using an experienced commercial finance broker is that they have an in-depth understanding of which banks are open for business at any given point in time.
As a business owner using a broker means you only need to provide the broker with an understanding of your business, what you are looking to do and the documentation required to apply for the loan. With this information the broker can find you the bank looking for business just like yours – to secure you the best offer and save you time.
Using an experienced commercial finance broker saves you time, money and stress. More importantly, it will give you certainty upfront as to whether your venture is a pipe dream or something you should be perusing. It would be a shame to let go of your dream simply because your primary bank was actually never open for business.
Final Thought
A great bonus of this system is that because banks are not setup to seek and find the type of business they are looking for, they pay the broker for introducing your business to them. This means that you get the expertise of a broker (saving you time and money) paid for by the bank!