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Get Matched with the Right Loan: 3 Reasons to Use a Finance Broker

Two business professionals finalizing a business loan agreement at a desk.

Small business owners often need to access finance to grow their business, invest in new equipment, or smooth out their cash flow. While many business owners head straight to the bank, a financial professional who can guide you through the loan application process,  can help you source the most suitable loan for your needs.

Here are three reasons why you might want to consider talking to a finance broker next time you need a business loan:

  • Access to a wider range of products: A banker is usually limited to the products and services offered by their own bank, whereas a good finance broker has access to a wider range of products and lenders. This means that they can find you the best possible deal for your business.

  • An ongoing service: A good finance broker will work with you to understand your business needs and goals, and then they will stay in touch with you to make sure that your loan is still meeting your needs. This can be especially helpful if your business is growing or changing.

  • Taking care of the application process: The application process for a business loan can be complex and time-consuming. A good finance broker will take care of the whole process for you, ensuring that all of the paperwork is completed correctly and that your application is submitted on time.

How to find the right finance broker

There are a few things you can do to find the right finance broker for your business. First, ask your accountant or other business contacts for recommendations. Second, look for a broker who is a member of a professional association, such as the Mortgage and Finance Association of Australia (MFAA) or the Finance Broker Association of Australia (FBAA). Finally, interview a few different brokers to see who you feel most comfortable with.

The key to a successful relationship with a finance broker is transparency.

The more information you can provide to your broker, the better they will be able to find the right loan for your business. So be sure to share your financial statements, business plan, and any other relevant information with your broker.

A finance broker can be a valuable asset for any small business owner who needs to access finance. By working with a qualified broker, you can increase your chances of getting approved for a loan and getting the best possible terms.

Here are some additional tips for working with a finance broker:

  • Be clear about your goals and needs. Before you meet with a broker, take some time to think about what you want to achieve with the loan. What are your short-term and long-term goals? How much money do you need? What kind of terms are you looking for?

  • Do your research. Before you meet with a broker, it's a good idea to do some research on different types of loans and lenders. This will help you to understand your options and to ask informed questions.

  • Get everything in writing. Once you've agreed on a loan, be sure to get everything in writing. This includes the terms of the loan, the interest rate, and the repayment schedule.

  • Ask questions. Don't be afraid to ask questions if you don't understand something. A good broker will be happy to answer your questions and to explain the loan process to you.

By following these tips, you can increase your chances of working with a qualified finance broker and getting the best possible deal on your business loan.


Business Loans: A FAQ for Start-ups and Small Businesses

How to get a business loan?

How do business loans work?

How to apply for a business loan?

Can I get a business loan?

How much deposit do I need for a business loan?

How much credit do I need for a business loan?

What do you need for a business loan in Australia?

Want to learn more? Talk to our brokers today!

DISCLAIMER: This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. This publication or any part of it may be reproduced only with the publisher’s prior permission. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication.


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