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3 REASONS TO CONSIDER USING A FINANCE BROKER FOR YOUR NEXT BUSINESS LOAN

By July 31, 2019News Articles

Whatever your business needs, a finance broker can help you get approval for the most appropriate and cost-effective solution.

Small business owners who need money to expand, invest in new equipment or smooth out their cash flow often head straight for the bank. However, just as a mortgage broker can draw on a wide range of options to help you find the right home loan, so a finance broker can help you source the most suitable loan for your business needs.

1. Access to a wide range of products

A banker is usually limited to the products and services offered by their own bank whereas a good finance broker has more options to consider. PWS Finance Advisory has access to many different banks and specialised lenders for loans, and the variety of products and solutions they offer include:

  fixed or variable term funding for commercial property
  business loans
  commercial bills
  cash flow funding for specialist industries such as pharmacies and accounting practices
  inventory and debtor funding
  funding solutions for working capital finance
  franchise funding
  construction and development finance
  equipment finance.

There are organisations that specialise in loans for everything from shop fitouts and light commercial vehicles to advertising screens. Good finance brokers will consider all the options available to them before coming up with a tailored solution.

2. An ongoing service

With more than 2 million small businesses in Australia, there’s high demand for personalised loan advice. A good finance broker will work closely with their client to develop an overview of a business including its history, current challenges and plans for the future. Businesses are constantly changing. PWS Finance Advisory can help you anticipate peaks and troughs and suggest finance solutions that could help you create more stability. A good finance broker will usually check in once or twice a year to ensure your finance solutions are still in line with your requirements.

When you include a PWS Finance Advisory in your team of trusted advisers we can help you stay on the front foot. You’ll be better placed to plan out your future rather than react to change as it happens. Many of those who are also qualified mortgage brokers are broadening their areas of expertise to include leasing and small business lending.

3. Taking care of the application process

At a meeting hosted by the Reserve Bank of Australia in September last year, the message from the Small Business Finance Advisory Panel was that many small businesses can find it challenging to access finance.

In this environment, the application process is particularly important. Finding the right information can be very time-consuming but,
if you rush through it, you’re reducing your chance of having the loan approved.

PWS Finance Advisory can take care of the whole procedure, ensuring that the information is complete and correct.

We can also highlight positive aspects of the business by providing background information you might not think to include, we work with lenders every day so they know what you’re looking for, and we can also negotiate on your behalf.

4. How to find the right finance broker

It’s recommended you choose someone with at least a Certificate IV in Finance and Mortgage Broking and who are, ideally, a member of either the Mortgage and Finance Association of Australia (MFAA), the Finance Broker Association of Australia (FBAA) or the Commercial and Asset Finance Brokers Association (CAFBA).

At PWS Finance Advisory we believe the key to a successful relationship is transparency. The more information you provide, the easier it will be for us to find the loan that best meets your needs. Contact PWS Finance Advisory on 03 9699 9422 or email admin@pwsadvisory.com.au to find out how we can help you today.

neilforrester

Author neilforrester

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