Mark Smillie is here again with some more information on the Recovery Loan Scheme! Read on now, for information your business will find helpful!
Going to apply for the new Government Backed Loan? Read on….
I have been asked by so many businesses about the Government’s new loan scheme: namely the ‘Recovery Loan Scheme‘ (RLS).
Most people I have spoken to about it have just read the headlines. They think it sounds great, and would like to apply as soon as possible. In fact, some have already spoken to their bank, but this is where we have a problem.
Rushed applications usually equal bad applications. Bad applications get turned down. Yes, you can still be turned down for a Government Backed Loan! And we all know that a turned down loan application causes disappointment. Not great for your business!
Rather than YOU go through this stress and disappointment, you might wish to consider the following!
Here’s what I expect many businesses to do…
Apply now to the bank and receive an application form to fill out as quickly as possible – then get turned down.
They will then have to wait (whilst their cash flow is tightening, in turn making finance harder to get), to apply to a finance company, and repeat the process with the application form and the turn down OR get accepted for some finance, with a much higher interest rate than expected.
But there is another way to get the finance you need right now…
You can use a broker to support you with this, and, as I mentioned before, you’re 70% more likely to be accepted with a broker! With me, it’s 84% by the way…
We are successful because of this process. We will do an exploratory call with the prospective client and ask them what type of finance would ideally suit their business BEFORE we go to the finance company (if interim funding is needed, we can also put this in place in days).
Consider this: There are many different types of finance being offered by the Recovery Loans, do you know which one you’ll be accepted for before applying? We do.
Armed with research and knowledge, we can approach a finance company that is best suited to you. And because we know them, we will be dealing with an account manager, senior member of staff, or even a Director, that we have probably known for years.
This is as opposed to queuing at the front door for and dealing with an online application form.
We then submit a carefully thought out application form to them. One which covers in advance, any points that we expect to be raised by the underwriters later – making things quick and geared up for approval; it’s how we achieve our success rates.
Can I ask which method would give you the least amount of stress and the best chance of success at the cheapest rate?
A.Queuing at the door with everyone else and waiting to see what you are offered, if anything
B.Applying to the finance company that is best suited to your loan requirements with the support of someone who knows their senior personnel?
A final word…
If you are in business and would like to start a relationship with me as a broker, why not get in touch? You are always welcome to call me on my personal mobile, whether you are looking for finance now or just want to set up for the future.
PS. I work with clients with every type of credit rating, we do emergency finance, and I personally specialise in the Construction Sector.
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