Recently somebody asked us this key question; why use a commercial finance broker? It’s a perfectly valid and one I hope this article will answer. Everyone from the Telegraph to a local finance broker has written an article on the importance of the right business funding. Secondly, any small business owner will know that time is money. So sourcing the investment at a preferential rate is key to success. Lastly finding the correct information is tough for a small business, even Forbes wrote in 2014 about how the turmoil this can cause. All these issues are mitigated and made simple by using a decent commercial finance broker.
Here at Pinnacle Business Finance, we are fortunate enough to be based in the heart of Bristol, where we visit as many of our clients as possible. At the very least, we have an initial consultation with all our clients prior to sourcing them business funding. It means that we understand the challenges that small businesses face and therefore tailor the business funding to match. You should be wary of anyone who claims that they don’t need this in-depth understanding to find you business finance. Otherwise, you will have finance that doesn’t work. It would be like buying a Ferrari for speed when you need a 4×4 for the terrain – You will quickly get stuck!
The Pinnacle Business Finance team took a call yesterday from a lady who had spent a whole month trying to secure a loan through another commercial finance broker. After just 5 minutes on the phone, we realised a loan would be difficult to secure. Most importantly cash flow was the real problem and the loan wouldn’t address the underlying issue. We quickly understood that trade finance was what she needed, and the previous commercial finance broker had failed to understand her small business. She nearly lost the order as a result and had lost one month in trying to source business funding. Fortunately, we saved her time by getting her the right finance for her small business in under 1 week. She now doesn’t have to worry every time she gets an order and can grow her small business.
In November 2018, Forbes reported that the Alternative Finance sector had grown by a third in the previous 12 months. At Pinnacle Business Finance we ensure we keep up to date with the newest lenders evaluating which ones are suitable to join our panel. With new lenders emerging we often see small business owners who have selected a niche provider and are paying the price. Sadly, the quick fix business funding they sought, is now costing them a hefty price each month. The second common mistake is commercial finance brokers who place the business with only the handful of lenders they know. Our team at Pinnacle Business Finance focuses on constantly evaluating the market so you don’t have to. We are very much the doctor who finds you the right medicine – getting it wrong can be fatal!
It’s clear that using the wrong commercial finance broker can be costly both financially and time-consuming. Not using a finance broker at all is challenging at best. With a rapidly evolving market and an array of products to choose from, having time to evaluate the offerings and run a small business is almost impossible. Sadly, choosing the wrong provider will again prove costly. Fortunately, an expert team of commercial finance brokers at Pinnacle Business Finance will save you time and money. Secure the financial backing you need to grow!
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