How do I find and choose the best SME loan brokers?
What should I look for in a business loan broker? In your experience, can you share what makes a small business loan broker good?
The starting point would be to find someone that one of your friends or associates have used previously and have had a good experience with.
That is ,they have some kind of track record ,and, someone you know can recommend them.
It is also possible that your accountant and solicitor might have business loan brokers among their networks and client bases and they could refer you to them.
All business loan brokers are different and have certain qualities that may or may not make them a good fit for you and your business. However, there are certain universal qualities you should look out for to ensure you choose a good broker.
The qualities of a good small business loan broker are:
1. They take the time to understand your business
Every business is different and the most suitable loan products will depend on your industry, your financial situation, your credit history, whether you have any assets, etc. A good broker will take the time to ask the right questions and learn about your unique requirements s as a business.
2. They believe in your cause
If a broker truly believes in what you're doing with your business and why a business loan will help you, it can set your partnership off on the best food and positively impact the type of loan products they offer.
3. They have a good reputation
If you can get a personal recommendation from someone who has used a loan broker and had a good experience, that's a great start. Make sure you read customer reviews and research about the level of customer service and care a broker(age) provides.
4. They're knowledgable
They should have enough knowledge and expertise to be able to steer you in the right direction and make smart decisions both as a broker, and in their partnership with you.
5. They're transparent
Loan brokers should be transparent - that means no hidden interest rates or fees. They should explain all information in a way that you understand, answer any queries you have and willingly walk you through the process.