We often find that clients and other professionals alike don’t really understand exactly what brokers do and how a broker can support a business on their journey for finance. For a change, and for some fun, we thought we would set the record straight.
What people think Brokers do
1. Only forward emails to a lender – a post box between the borrower and the bank. This is probably the biggest misconception because if that’s all brokers did, we wouldn’t get very many deals done. Many think brokers just contact clients with the loan terms for them to sign – well, brokers do that, but there are lots of steps prior to offering the loan to the client – in fact, it’s one of the final steps!
2. Provide business advice – brokers help clients on a transaction basis, so the majority are only able to advice on the actual loan and application process and therefore do not offer business advice.
3. “A broker charges you more” – Not true at all. Brokers have access to products that individuals don’t necessarily have direct access to, which are often cheaper and can help secure more favourable rates through our relationships. Plus think about how much time you save by not having to prepare your application to the bank yourself.
What Brokers actually do
- Revise the initial application and present it in the best way so that the bank is more likely to look favourably on it. This can heavily influence the outcome. Every application is different and so are the financial products. If a product isn’t right for you, your broker should tell you.
- We work for you, not the bank. We build and present a case on behalf of the client and then we negotiate with lenders and push back on requests, rather than just passing messages.
- We submit your application to the different lenders to help you secure the best deal.
- Clients using a broker do get the same financial protection as if they were doing it on their own. Brokers also save valuable time and funds for you and your business.
At ASC, we know how small businesses operate and are able to access key lenders which means we can offer attractive and intelligent solutions for business finance needs.
Henry Ejdelbaum, MD, comments “Most small businesses don’t know their finance options and the better the lender understands your proposal, the greater the chances of you successfully receiving the right finance. Remember, we focus on arranging the right finance for your business, so you can focus on what is most important to you: running and developing your business.”
So, if you are looking for finance for your business, make sure you know what you can get from the market. Contact your local ASC office for more information to secure finance for your business.
For further information please contact:
ASC Finance for Business
020 7616 6628
Notes to editors:
About ASC Finance for Business
ASC was established over 50 years ago; we are independent business finance brokers. We have developed a successful track record helping businesses across the UK secure finance by removing the hurdles put in their paths. We have extensive knowledge of the financial products available from lenders, and can approach them to help businesses find the right finance for their projects.
Our local directors are highly experienced and have a strong commercial background which will help your business increase their chances in securing finance. ASC enables businesses to have more free time to focus on and develop their business.