Here’s a quick question for you. Where would you go first for finance – a broker or a bank? In our experience, the majority of SMEs choose a broker.
Securing business finance from a bank has always presented challenges, but the recent industry shake-up thanks to the Banking Royal Commission has introduced further complications.
Due to government scrutiny, there will be increased risk management, more self-regulatory controls and a raft of other changes dependent on yet-to-be-released Royal Commission recommendations.
The outcome? Even if you’re kicking financial goals, the process of securing funding from banks is likely to get harder, not easier.
We asked a trusted bank executive for their top six tips for SMEs before you jump in to securing finance.
No matter how prepared you are, it will be more important than ever to have the right information and an experienced, well-connected partner with knowledge of the finance sector.
After many years in business and negotiating our own finance, the eccoConsultants team has forged many trusted relationships with both brokers and banks.
If you need advice and support in securing finance, please call Garreth on 0401 984 241.