Hi all
I am testing the water here but Cherry member opinions would be greatly appreciated.
We are a relatively new business finance brokerage, but the team have been operating in the commercial finance space for 40 years or more. Whilst we do some commercial property financing, most of our work is with trading SMEs structuring working capital and funding solutions for business of all shapes and sizes across all industrial sectors.
As the banks have backed away from supporting SMEs, we work with 200+ alternative finance providers delivering non bank funding solutions assisting SMEs who are seeking finance often in pretty challenging circumstances ( personal adverse, short trading history, lack of up to date financials etc ). Facilities start as low as £5K rising well into 7 figures, often without the need for hard property security to support.
Working in partnership with us and based on a sensible income split on introductions, this could provide a solid incremental income opportunity for residential brokers as well as enhancing existing relationships with company directors, sole traders and / or partners in business partnerships. Increased business borrowing also creates keyman and life assurance review opportunities for any broker.
There are dozens of different types of finance that can potentially assist your clients who operate SMEs, the majority of which the banks no longer provide. Examples include stand alone lines of credit, revolving credit facilities, unsecured business loans, specialist export finance, growth funding, merchant cash advances, single invoice factoring….. I could go on.
Given the diversity of potential solutions and specialist nature of a lot of SME lending, what we do, generally speaking, needs full case handling from our side, but with a fully transparent feedback system in place with our partners, mutually beneficial partnerships can definitely work.
Before taking forward a marketing exercise aimed at residential brokers and IFAs, I wonder whether the Cherry membership could give me some feedback as to whether you feel this is something you might find a worthwhile and attractive proposition to add to your existing offerings?
Thanks in advance for you time and thoughts.
Geoff
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