Brokers and small business lenders have reported the growing difficulty in helping small businesses find funding, as banks change their credit policies, and some continue to pull back from the space.
But many still need help with cashflow, with injections of capital to help them grow and with purchases of equipment and stock to help them run their businesses. And as we all know, small business owners are time poor and can struggle to be fully across the various lending alternatives that exist.
Brokers can be perfectly placed to help these small business owners understand the options; but many are only just diversifying into commercial and application processes can be time-consuming and difficult.
“Brokers, especially those diversifying into the small business lending space, need lenders and application processes that are easy to deal with, that are responsive and informative, and that specialise in loan products that are designed with small businesses in mind,” said Olly Guilleaume, national manager – business lending, Limba
Recognising there is a significant opportunity for brokers to bridge the gap between SMBs and alternatives to the banks, the lender has recently partnered with portal Loanstoday, which is used by more than 4000 brokers nationally for access to personal loans they wouldn’t otherwise have access to or know about.
Loanstoday is ramping up its SMB lending side of its loan and financing portal and aims to introduce fast, short term loan options to brokers already working with small businesses and those who wish to diversify into the small business lending space.
“Even a small loan can be a big help to a small business, especially if the process is simple and fast and if there is a real person helping you through it,” said Jodie Hilleary, general manager sales and operations, Loanstoday.
“We are eager to make sure more brokers and small business owners understand that they have viable options for access to much-needed capital,” Hilleary added.
“What we like most about Loanstoday is that they are as much a people business as we are,” added Olly Guilleaume.
“Following an online application, borrowers and brokers deal with real people who take the time to understand their particular situations and applications, rather than algorithms. That’s how we operate as well.”