We are often asked why it takes so long to get a decision on a business loan application. The bottom line is that bankers and entrepreneurs are fundamentally different people, what may be an absolute priority to you probably isn’t to your banker.
Whichever way you look at it, you are not going to change how long a bank takes to make a business loan decision, regardless of how good the information you provide them at the outset.
So how do you get a quicker business loan decision?
Take Barclays, they have around 1200 business bank managers across the UK, it stands to reason that Barclays will have some exceptional managers, and some imperfect managers. Who you deal with is as much a lottery as anything.
If we could give you access to only the top 10% of their managers, in other words the creme de la creme, then it stands to reason you will be better off, and be speaking to someone who can act quicker and more effectively.
Take this principle to Crowdfunding. If the leading crowdfunding site, Funding Circle, normally gave decisions within 72 hours but we could get you a decision in 48 hours then we have cut that timescale also.
The point being made here is that working with the right business loan advisor (read finance broker) can add real benefits (note – always use a NACFB member).
Our preferred loan providers, and we do access the whole market, work with us on pre-agreed service levels which are all negotiated by us and put in place to benefit our clients.
If you want to know how these benefits can work for you, or you want more details on any aspect of business finance, then get in touch here, or add your comments above.
Author Byline – By David Farmer