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The NACFB is the only UK trade body dedicated to the commercial finance broker. We represent members from across the whole commercial finance market: from buy-to-let specialists and commercial mortgage advisers to vehicle finance brokers; from leasing and asset finance specialists to factoring brokers. All NACFB members comply with an industry recognised Code of Practice
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Top tips for finding business finance
24th January 2008
Caterer & Hotel Keeper Magazine
February edition
Top tips for finding business finance
Most businesses will, at some point, need to access finance. Many business owners will go straight to their existing bank to try to arrange a loan, an overdraft or a commercial mortgage. But there is an alternative. Nikki Cann, Associate Director of the NACFB looks at the benefits of using a commercial finance brokers – and how you should choose one for your business.
1. Commercial finance advice should come from experts
Commercial finance is a complicated subject. Unlike standard residential mortgages which have neatly defined rates and criteria, commercial finance is much more tailored and requires a good degree of skill and experience to find the right deal. In other words, if your business needs finance, you would be wise to seek professional advice. A good finance broker will be able to help you get the right kind of finance for your business. Brokers who are members of the National Association of Commercial Finance Brokers (NACFB) all adhere to an industry recognised Code of Practice, so if you use a broker with the NACFB logo, you know you’ll be getting good advice.
2. Save time – and money
Broking is a growing industry across all areas of business finance. Many business owner-managers are becoming much more savvy and outsource their financing to a specialist, which in turn allows him (or her) much more time to manage the day to day running of his (or her) business. So-called ‘shopping around’ for the best deal has become increasingly common across all areas of personal and business life. One of the main advantages of using a broker for sourcing your business finance is that they will do that shopping for you.
3. An old-fashioned approach?
Dealing with an individual can be a rather appealing idea, especially after coping with the faceless bureaucracy that many large financial institutions seem to have become. A broker is someone who will take the time to understand you and your business and offer a personal one-to-one service tailored to your business needs. A broker can answer any problems or queries you might have and, in a world of call centres, speaking to a real person who is able to answer your query is something which a broker’s clients value highly. And if your broker understands your business and your requirements they are in an excellent position to secure you the best and most suitable deal.
4. Never assume
The finance you think you need may not be the finance you actually need. This is another area where a broker can help. Although you may think that you need a loan to buy your equipment, or an overdraft facility to help with your cash flow, a good broker will explore all the finance options with you and find you the best deal for your business. For example, instead of a choosing business loan to buy your equipment, a broker might recommend a leasing arrangement as more suitable. Perhaps instead of a traditional overdraft, the flexibility of a factoring arrangement will give your business the cash injection it needs.
5. Understanding
Many of them are smaller businesses themselves, so they understand on a first-hand basis what it means to be the owner manager of an SME. This insight can often give them a good idea of the kinds of finance that will work – and ones which won’t. It also means that a broker is more likely to empathise with your position and needs – the chances are they’ve been there themselves.
6. Go to the NACFB
Visit www.nacfb.org.uk and enter your postcode to find the broker nearest to you – or contact the Exeter office on 01392 440040 and they can supply you with the names of members near you. Hopefully, the advantages of using a broker should outweigh any concerns that you may have (and if you didn’t have them, what’s stopping you?) and you should feel confident in outsourcing this part of your business. You should save both time and money you could better spend elsewhere.
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