Small business owners often don’t bother applying for financing to help grow their businesses. They continue to struggle, which means that business growth is severely slowed. We are here to help.
Yes, small business lending is confusing. But, if you’re one of the 60% of businesses that apply for loans to help grow their business or finance other initiatives, you may need some assistance.
Meet the business lender broker. This individual can guide you through the often difficult waters of small business financing.
What Is The Role Of A Business Loan Broker?
Business loan brokers help small businesses obtain equipment loans, business loans, or other types of financing. They often receive a percentage of the loan amount paid by lenders.
They’re experts on all types of financing options, have relationships with various lending partners (traditional and non-traditional banks, credit unions, etc.), and maybe the best source of financing for your business.
Commercial loan brokers (another name is a business mortgage broker) might be able to help businesses find loans with better terms.
A bonus is that you rarely have to pay to work for a broker who helps you with financing.
Types Of Business Loan Brokers
A small business loan broker may not be the same for every client. A broker may focus on a certain type of financing or one industry. Some brokers focus on short-term loans and others, long-term loans.
These are just some of the small business loan brokers you might come across.
Startup Loan Brokers
Are you a founder of a startup company? It can be difficult to obtain business funding if there isn’t a good credit record. (Get your no-obligation business credit scores.
A startup loan broker can help find you short- and long-term loans you may be eligible for.
Commercial Lender Brokers
A commercial broker should have a broad knowledge of financing options. If you are looking for the most options, you should consult a general loan broker for commercial loans in Sydney.
Equipment Financing Brokers
A broker with experience in Equipment Financing can help you find the best solution if you’re looking to lease or purchase equipment. You may need to pay the loan off sooner if you have poor credit. Some equipment loans require collateral, a down payment, and you will be required to make a downpayment. Another option is sale and leaseback.
Factoring, which is the most popular form of financing for the textile industry is widely used by businesses that invoice customers. Many businesses need cash to allow them to pay their invoices. A factoring broker can help you find invoice financing. You also have the option of factoring where your outstanding invoices are sold to a lender. The lender will then be responsible for collecting that debt.
Merchant Cash Advance Broker
A cash advance is a good option for companies with poor credit ratings, who need quick funding and can manage their finances well. Other lenders take into account your cash flow and revenue more than your credit scores. A merchant Cash Advance broker can help access capital based on your credit card merchant account funds. This is often quite costly.