We heard the above statistic from a colleague of ours. Whilst we can’t verify if it is accurate, the fact that the number would be significant at all is worrying. Think about it.
When it comes to something as important as raising finance for a business, why would you only look at one lender? We compare so many trivial things in life, but when it comes to business finance, a sizable number of businesses appear to only look at the first option available.
Well I can understand their frustration. Approaching a bank for finance can sometimes be like getting blood out of a stone. It is time consuming, frustrating, and with limited appetites from each lender, it can be a fruitless task which ends up in rejection.
Which is why using a broker, means that you can approach several lenders at once, but without the hassle. Why would you leave it to chance?