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What Can a Commercial Loan Broker do for Your Business?

Owning a business isn’t easy. With deadlines to meet, employees to look after, customers and clients to keep happy, bills to be paid and a plethora of other responsibilities, business owners face challenges daily. Some of these challenges are bigger than others and require a different kind of attention. Financing their business is often one of the largest roadblocks that a business owner will come across. This is where a commercial loan broker becomes an asset to any company.

Commercial Loan Brokers Can Save Business

Bills pile up, sales fall due to seasonality or a change in demand for products, equipment fails or needs repairs.. .the list goes on and on. When a business faces financial difficulty, the first option is usually to go to the bank and apply for a loan or line of credit. It is helpful to understand that 80% – 90% of business loan applications are turned down, leaving business owners frustrated and without options.

Commercial loan brokers work with large numbers of lenders and investors daily to obtain funding for these types of businesses in need. Through this lender network, commercial loan brokers are able to match clients with an investor to get them the funding they need. Obtaining funding in this way can often be the last resort for a business in financial distress.

Lending Networks Offer Options

Business loan brokers spend much of their time building their lender networks. Lender networks include investors, bankers, and financing institutions in different fields. Business size, number of employees, location, and niche are just a few of the deciding factors that brokers use when deciding where to place a client for funding. As a result, the larger a loan broker’s lending network, the more likely a business is to get the funding they need.

What to Look For

When considering an alternative lender for your business financial needs, there are a few things that you can look for to ensure that your loan broker is trustworthy and will get the best deal for your business.

  • Look for reviews or ask for references – A good loan broker will be able to show examples of successfully funded deals and/or provide references for you to call.
  • A large lender network – ask your loan broker how expansive their lender network is. Provide some details about your specific needs and make sure that they have funding options available.
  • Experienced loan brokers – ask about your loan broker’s experience and education. You want to know that your broker is knowledgeable and thoroughly trained.

Commercial loan brokers are beneficial to business owners when funding is needed after a bank turndown. As financing needs can arise suddenly, it is recommended that business owners research and locate a reliable and trusted broker at business inception.  If you are currently searching, Alternative Funding Partners provides reliable and varied funding options and is always available to answer questions.