Why Use a Business Loan Broker?

success using business loan brokers

 

Unless you get a cold call, email or even a unsolicited Linkedin message, most business owners and entrepreneurs out there don’t really know about the services offered by business loan brokers. They will not even know about the types of easily attainable business loan products that are available.

What usually happens with many small business owners and entrepreneurs who need a business loan is that they will always start with their bank or some local bank out there. Maybe this is what you have done too. Because business loan brokers are generally small firms and not well known in the area.

Banks are a traditional source of funding and loans for small businesses in the United States. Banks are also very selective of who they lend money to especially for ‘business loans’, since these are kind of risky. Most banks will underwrite loans the Small Business Administration loan programs.

I invite you take a look at the requirements for those and I will warn you upfront that if you have a quick need for funds or working capital, and SBA loan will take about 2 months to process along with a ton of paperwork / documentation.

So what I am trying to say here is that there are alternative funding sources and other types of business loans available for small business that are easy to apply to and they have an easier approval process. These types of loans and sources of funding through a business loan broker tend to close quickly anywhere from a two days up to one or two weeks, depending on the loan program selected.

Using a business loan broker is a great way to get access to cash, working capital, funding, term loans for small businesses – installment loans, equipment financing and commercial real estate loans / commercial mortgages.

Business loan brokers have several relationships with financial institutions and other lenders who have lending programs for small businesses in the USA.

Small business loan brokers also use technology to provide even a better experience for their clients. In person meetings or loan interviews are a thing of the past. Small business loan brokers are using technology and the internet to do business and process loans. The technology allows for faster loan processing times as the underwriting process has been automated.

Save yourself time, effort and frustration by using our services when you have a need for money. A loan broker’s business model is similar to a travel agent, real estate agent or even a home mortgage broker and that is making connections and doing business.

When you work with us here is what we do behind the scenes to while working for you, oh and by the way there are no upfront fees or application fees. We are compensated by the financial institutions we have relationships with. When we receive your application, it gets review by several lenders and not just one. Then we see who will make the best offer when you get a pre approval. The offer(s) are then presented to you.

Everybody and every business may have a unique situation and sometimes loan applications get denied. The job of the broker is to find out why and look for another solution. This could also include continuing to search for other alternative lenders or alternative sources of funding.

Many clients who I talked to were not aware of the services of a business loan broker and thought that their bank was the only option for a small business loan.

If you have a need now or in the future for working capital, business loans or other type of funding, be sure to give us a call!

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