Trying to secure business finance can be overwhelming. Times have changed and no longer is the first call to your business bank manager, instead it should be to a finance broker. Here are a few reasons why this is the case:
Finance experts – a finance broker has a wealth of industry knowledge and experience; they can complete a comprehensive fact find and match the needs of a business to specific lenders. By using the expertise of a broker, a business can feel content in the knowledge that they have a finance partner with their best interests at heart.
Savings – working with a broker will help to save both money and time. With a larger number of lenders at their disposal a broker will be able to undertake all the research and find the very best funding options available. A broker is also in a far stronger position to negotiate better rates and terms.
Contracts – being able to understand all the intricacies of a financial contract can be tricky, however a broker deals with these day in and day out so they know what to look for and can immediately identify any red flags.
Wide choices – the lender market is vast and we are seeing more and more alternative finance providers being introduced. Being able to navigate around these choices, completing whole of market research and building positive relationships in the right areas is critical to the success of a broker.
Personalised service – a broker builds their business on excellent customer service. They will offer a personalised and bespoke service to each business they work with. It is in their best interest to make the process as streamlined and seamless as possible, after all most new business will originate from recommendations.
Regulated – most respectable brokers will be regulated by the Financial Conduct Authority (FCA). This is important because they have taken the complicated steps to complete the rigorous approval process and demonstrate best practice by complying with the strict rules and regulations.
In summary using a broker is far more beneficial than going direct to your local bank, it will cause you less hassle, decisions will be much quicker and a broker will know what the lender appetite is like before any deal is agreed. Another clear benefit is that if a business needs a specific credit limit facility, then a broker can put a flexible solution in place. If you approach a bank, secure funding and then further down the line try to access more funding from them the likelihood is that none will be available. A broker will monitor these scenarios and find solutions which can meet the businesses need both in the short and long term.
If you are looking for some business finance, then we would be delighted to help. Please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.
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