Technology companies have become a major part of any small business’ day-to-day. Whether you use Square, PayPal or Amazon, chances are good that you’re not the only one benefitting from your business’ growth.
In certain circumstances, that isn’t a bad thing. It’s the market we all participate in. And the fact of the matter is, these companies all have something to offer to the small business owner, namely in the categories of convenience and affordability.
These companies have all made their name through “disruption:” entering an industry and doing things so drastically different that it changes the dynamic of the way business is done there. This disruption usually stems from technology that makes processes faster and cheaper. But does that work in a field like a loan brokering?
The aforementioned three seem to think it will. All three have unveiled plans to enter the small-business lending realm, challenging the likes of JPMorgan Chase, U.S. Bank, and Bank of America. They want to offer online services that make applying for and receiving a loan seems like a snap. They’re also offering loans to less qualified borrowers, which forces the banks to do the same and lower their prices to more competitive levels to boot.
So is the small business owner really stuck between bank titans and tech giants when it comes to finding a suitable loan? In fact, they are not. There is a third way, and it’s through independent brokers.
What Does an Independent Broker Offer?
An independent broker is not bound to the tides of what the major corporations are offering. Nor are they limited to a handful of cookie-cutter options, which may not be the right fit for your business. Rather, by virtue of being “smaller,” an independent broker can cater better to your specific needs.
You see, digital business lending leaves you short on options. You punch in your numbers, and an algorithm determines whether you qualify. In essence, a machine is telling you whether your business idea is good enough or not. A machine that doesn’t care whether you succeed or fail, only that you pay on time and in full.
This is not to downplay the benefits of technology, but rather, to illustrate what a lending experience lacks when it is dictated by technology and technology only. Specifically, what it lacks is an acceptable level of personal service.
An independent broker is not here to turn over as many transactions as possible. They are not in the business of taking ownership of your idea, but they are also not in the business of meeting a quota. Independent brokers will work with you over time to meet your needs at every step of your business’ growth.
Working with an independent broker is not a one-and-done type of thing. It is a relationship built in the long-term. That means no predatory practices, such as unfair credit terms, and a policy of honesty through all phases of development. It also means an unparalleled level of understanding that just won’t be found at bigger, less personal operations.
Whether you’re just starting out, or need a way to boost your business, your independent broker will be by your side to find the loan that works for you. These brokers have special relationships with a network of lenders that can help you out on terms that work for your situation. Your broker will help you identify which rates work for your means and goals. They’ll help connect you to loans that are fair and usable, regardless of how long you’ve been in business, or your business’ size.
More Than Just a Connection
It’s hard to overestimate the importance of your relationship with your broker. There’s something about a face-to-face meeting that allows you to build trust. But these meetings are far from simple conversations over coffee, or pen-and-paper operations. Your broker is highly trained to use the latest technology to help you analyze the market and the options it provides. They’ll help you predict where your business is going, and how you can best prepare to pay off your loan in a timely fashion.
An Ally in Your Corner
We’ve all seen the forecasts for an economic slowdown. Do you have a plan for the next stages of the business cycle? With an independent broker on your side, you will. You’ll have the peace of mind needed to move forward, even through the tough times. They’ll help you find the right capital sourcing solution for the times we live in.
You’re ready to take your small business where you want it to go. An independent broker has the insight to help you get there. Together, you are a formidable team. What could be better?