June 13, 2018 by John Acton
You certainly don’t need to be experiencing any financial problems in order to benefit from a broker’s expertise.
As a matter of fact, they can ensure that any potential issues are addressed before they become problems that can impact the viability of your business.
Being a small business owner, it’s likely that you might need to take out a business loan. This might be to cover one-off expenses such as buying new equipment, paying for training or even renovating your facilities.
A business loan might be required to improve business cash flow and provide working capital that can be tapped into when required.
By going to your business lender, you’ll be able to access only their products, but a broker has access to wide panel of different lenders offering many different products.
Not only will you have a wider selection of lenders and products to choose from by going to a broker, but they will also explore all the options to find a solution that best suits your unique financial situation.
In addition, there are a number of ways that a business loan can be structured in terms of interest rates and repayment conditions.
What may work well for one business may not suit yours; a broker can take the guesswork out of your decision-making by tailoring loans for your business and educating you on your options.
Another way a broker can help you is through equipment finance, a strategy that enables you to purchase tools and equipment you need without eroding your working capital.
Equipment such as vehicles or industrial machinery is expensive, but equipment finance removes the need for you to spend a large amount of money upfront on these items. Instead, you can essentially finance, rent or lease them over a set period of time. A broker can guide you with selecting the right equipment finance packages for your needs.
Mortgage Choice brokers may also be able to help you beyond your finance needs by putting you in touch with a financial adviser, who can help you manage key person risks and succession planning needs in your business.
