According to the Federation of Small Business, two in five small firms looking to secure finance for their businesses are having a hard time getting the required funds, even if they are highly profitable.
What does that mean for small businesses? Firstly, don’t panic, you can still get finance, you just need to know who to approach and how to present your case in the best light. That’s where a commercial broker can help.
Although most people believe a broker only forwards emails to a lender, the reality is that a broker actually builds and presents a case to the bank on behalf of their client. We negotiate with lenders and push back on requests, rather than just passing on messages. Your case is also presented to different lenders, not just one (which is often the case when you do it on your own). That increases your chances for getting the finance secured.
What most small businesses usually forget is that when they apply for finance on their own, they tend to apply to just one lender. So, in most cases the application ends up being rejected for different reasons. David Bamber, from ASC in Essex comments, “We have the expertise and know how to structure the deal and how to best do it, depending on your occupation. It is also knowing who to present it to as lenders at any given point may not be interested in a specific industry and may say no. The value we provide to our clients is having access to a panel of lenders to know who best to approach to request the finance to, and ultimately best present the case according to your individual circumstances.”
Get in touch with your local ASC office to secure finance for your business. Business Finance for Business People.
