Business finance? Start with a broker
In an increasingly digital world, it can be difficult to find tailored business finance, but a broker can often help to create a solution
“The broker has become the bank manager for the 21st century”
Running your business can be a real challenge, particularly when you need to make changes or organise finance to support new opportunities and growth. In the past, it was easy to speak to a ‘real person’, either face-to-face or by phone, explain your circumstances and needs, and get an answer quickly.
With more companies automating their operations and using AI to answer customers’ queries, finding the ‘right’ information and getting a decision can be tricky. Many organisations are centralising smaller teams, meaning that a ‘local’ business bank manager can be based several hundred miles away, with little understanding of your company, sector or location.
Recently, the National Association of Commercial Finance Brokers’ chief executive Paul Goodman spoke about the impact that technology is having on SMEs’ ability to get a face-to-face meeting with a business manager as more branches are closed.
He commented: “A lot of clients now are managed out of call centres, so the broker has become the bank manager for the 21st century… People buy from people and SMEs appreciate somebody going out and actually touching the business and understanding what it does and what it needs.”
There’s no doubt that bank staff do a great job managing increasingly complex systems and, with the ever-present cyber security threats, these are essential to protect our finances. Goodman suggests that the role of banks and brokers is changing, and in fact the latter are becoming a valuable resource for business owners to navigate and put effective funding solutions in place.
Business finance when you’ve been declined a loan
Acknowledging the impact of the pandemic on lending activity, Goodman highlighted the strengths of brokers to be able to search the market and secure funding, particularly with specialist lenders which have a working knowledge of a sector.
Recent NACFB research shows that 29 per cent of successfully funded SMEs helped by brokers had previously been turned away by lenders, highlighting how expert, professional knowledge can often turn a negative outcome into a positive result.
Whether you are a young, growing business or an established company looking to organise business finance, a broker can add confidence to your application for a loan or specialist funding. Many people naturally give up if they are turned away by a traditional lender, but a broker will know what to do and where to go to seek an alternative, avoiding the legwork of exploring different options yourself. Involving a broker earlier in the process can often provide more options and allow you to bounce ideas around with professionals who are expert in navigating this area.
Business finance in East Anglia
An additional benefit is that a regional broker, such as Complete Commercial Finance which has team members across East Anglia, will be able to offer a dedicated contact who you can call directly and meet in person to discuss your needs. Many of its team members are former business bank managers, and the whole staff has extensive experience of helping clients to navigate different scenarios, many of which are regularly encountered by companies.
With more pressure on business owners, being able to speak to an expert to explain your circumstances and receive personalised advice, guidance and, ultimately a solution for your finances, is an invaluable resource.
