We often get asked why people should use a broker if they are looking to raise commercial finance.
In their recent survey, the @National Association of Commercial Finance Brokers, highlighted one particular statistic which we thought really showed the value of a commercial finance broker.
Of all the clients that brokers secured finance for, 29% had been declined for funding elsewhere.
Essentially, even though almost a third of clients had already been declined for finance, a broker was able to arrange finance for them. We weren’t surprised about this statistic – we know how difficult it can appear to secure finance for a small business owner – not necessarily knowing the various options, and how difficult it can sometimes be dealing with the various banks. So even if there is a strong client proposal, the bank can sometimes decline it!
Sometimes, we have even successfully secured a loan for a client from the same bank that had declined them beforehand!
So if you want evidence that a broker can add value – I think you can look no further!
