As a small or medium business owner, do you want to grow your business? If so, you’re going to need the right financing. How can you ensure you’re getting the best commercial finance to suit your needs? The key is to talk to a business loan broker.
Commercial Finance Vital for Australian Businesses
The Australian commercial landscape is dominated by small and medium businesses, providing jobs for 7.4 million Australians and contributing over $700 billion to the economy. For these businesses to succeed, they need finance. According to a government report, 15% of small or medium-sized businesses applied for finance in 2018-2019:
- 47% to maintain cash flow
- 41% to upgrade or replace existing capital
- 32% to invest in new capital
- 31% to enable business growth
- 27% to ensure the survival of the business
Clearly, commercial finance plays a vital role. But it’s not enough to just secure funds. For your business to succeed, you need the right finance.
How Can a Business Loan Broker Help You and Your Business?
A business loan broker is a financial expert who can help business owners secure funding from a bank or a lender. What are the benefits of using business finance brokers rather than just going straight to the lender? Here are 6 ways a business finance broker can help you and your business:
1. Business Loan Brokers Give You Access to More Lenders
If you apply for finance through your business banker, you’re limiting yourself to just a single lender. In contrast, business finance brokers have access to an extensive panel of lenders, including banks, credit unions and independent lenders. This means they can compare an extensive range of loan products, giving you access to the finance that will best suit your business needs.
2. A Business Finance Broker Can Provide Expertise and Guidance
Brokers are experienced professionals, often with extensive experience in the finance industry. This means they can explain the nitty-gritty details of a loan product and recommend which lenders will be most likely to approve your application. They can also advise which loan structures will be most beneficial for your unique situation.
3. A Business Loan Broker Can Save You Time and Money
To ensure you get the right business finance product with the most competitive terms, you’ll need to do some research. Attempting to do this on your own will take up a significant amount of time, with no guarantee of success. But a business loan broker can do all of the hard work for you, saving you time and money.
4. Business Finance Brokers Will Deliver Tailored Solutions
Business loan brokers will take the time to understand your unique business requirements. They can then recommend loan solutions tailored to your specific industry, operational requirements and goals for the future. Whether you need to upgrade equipment, manage your cash flow or expand the business, a broker can help you find the most suitable loan.
5. A Business Finance Broker Has More Negotiating Power
A business finance broker will already have established relationships with their panel of lenders. This puts them in a much stronger position when it comes to negotiating for specific terms or more competitive interest rates on your behalf.
6. Business Finance Brokers Will Offer Ongoing Support
A broker can continue to support your business, even after the loan has been finalised. They can answer any questions that might pop up, provide advice on refinancing opportunities and, should the needs of your business change, help you secure a new finance solution that better fits your new circumstances.
Talk to a Business Loan Broker at Professional Lending Solutions
At Professional Lending Solutions, our brokers specialise in helping business owners get the funding they need. By partnering with our experienced brokers, you can access finance solutions to help you manage cash flow, buy new equipment and grow your business. To get started, book an appointment with one of our business loan brokers today.