Choose a Small Business Loan Broker

The Genesis

This is our first post here.

I wanted to take this opportunity to share why we chose to start this venture as a small business broker rather than as a direct lender, as we had the opportunity to do either.

First, as a broker, we are able to provide our clients access to a wide selection of best-in-class business financing solutions.

Unlike banks and direct lenders obligated to fit their one line of financing products into every need, our recommendations are not limited by such restrictions.

This allows us to offer our clients the most adapted, most competitive financing solution for their needs.

The case for Small Business Loan Brokers

But the decision was not only industry-related. It was also influenced by personal experience.

When I parted with my prior employer a couple of years ago and I needed to buy my own health insurance, I had two choices:

  1. Identify every insurance company that offered health coverage, understand the limits and terms of their policies, compare those terms with policies from other providers, cross reference terms where they didn’t match, hope not to miss anything that could be detrimental, and then compare pricing, or
  2. Find an experienced health insurance broker that I could trust and who understood my needs and let him recommend the coverage that best fitted. Indeed, the assumption here was that the broker would know the key industry players, would understand the variances in policy terms, and could explain them to me where needed.

It really didn’t make sense to invest, or, in my case, waste all the time required to do this properly on my own in order to make the informed decision that I needed to make, so I eliminated option #1.

Instead, I went about finding someone who, besides the characteristics listed in option #2, could point out the important facts to me, highlight the key differences, and explain the terms where necessary, so that I could get the right policy, at the right price, expeditiously.

Insurance providers and brokers work with these issues all day every day. The rest of us don’t. It would be unrealistic to think that we can make better decisions on our own.

I quickly found such a broker online. She was knowledgeable, professional, and provided me with the information that I needed. I got my health insurance coverage through her and moved on to my other activities, activities that actually required me to be involved.

At the same time, my life insurance coverage with my employer expired. In this case, as I already had a relationship with a Life Insurance broker, I simply emailed him that I needed to restart a coverage.

He called me, asked me a few questions to update my information, and promptly identified and recommended the right solution.

This was handled in a matter of minutes. Again, a knowledgeable, trustworthy broker allowed me to make an informed decision, do so expeditiously, and move on to my other activities.

A few months later, I needed a new car. I wondered whether I could use the same approach. I checked online for car leasing brokers, found three or four of them, quickly connected with each, and selected one based on the same set of criteria.

He understood my needs, explained the terms, contrasted the pertinent conditions, provided me with a few leasing quotes and I was able to select one promptly. He had the exact car that we wanted delivered to our home. The terms and conditions were exactly what we had discussed. As a bonus, I didn’t have to go through the “I have to speak to my manager” back and forth with the sales representative at a dealership.

It was all around a very positive experience.

All these experiences truly happened as written.

Why is all this relevant?

Where to Get Small Business Loans

How many times do you expect to borrow money for your business?

Enough to make learning all about it a full-time activity? Of course not.

A part-time activity perhaps then? Of course not, again.

As a business owner, you are then left with two options, not un-similar to my own choices above. 

Either you have to learn everything that small business loan professionals like us know about small business loans, this after have participated in thousands of them, so that you can make an educated decision for your business, or you need to find a trusted small business loan broker and rely on them.

And expect an all-around positive experience.

This is where BorrowPartner comes in.

Get the financing your business needs to grow

Applying for financing with BorrowPartner does not affect your personal credit score

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