BUSINESS RESOURCE CENTER
"Stay in the know"
Welcome to the world of Commercial Finance! We believe you will find these resources very useful! As a commercial finance broker, you will want to keep up with changes in the industry, as well as new products to help your business grow. The information in this center is designed to help you get started off of the right foot, to stay abreast of the industry, and to grow your business over time. Please feel free to email: customerservice@nbaaz.com, with any questions and concerns about your new business! Our Resource Center provides information on the following topics, and more:
- Forming your Business
- Marketing your Products
- Networking Information
Owning and Operating a Small Business
Getting as much information on setting up and operating a small business, will help you to avoid mistakes early on. Use the links here to learn more about what it will take to set up, and operate your new business. Although I recommend starting with an LLC (Limited Liability Company), there are certainly other options that you should be aware of. Use the links to gain more insight into starting and operating your business.
https://www.sba.gov/business-guide/10-steps-start-your-business/
https://www.thebalance.com/starting-a-small-business-4073888
https://www.sba.gov/business-guide/10-steps-start-your-business/
https://www.thebalance.com/starting-a-small-business-4073888
Marketing Tips for Your Business
Marketing is the lifeline of your business! Reaching your target market is important to keeping your client base growing! Networking is an excellent way to expand your reach. I have networked with other professionals in the commercial finance arena, and have co-brokered(shared in brokering), many loans. While I generally only work with direct lenders, it has certainly benefited me to co-broker loans that were not my general bread and butter. Here are a few arenas certainly worth reaching out to: LinkedIn is a great place for professional networking! https://www.linkedin.com/
C Loans: www.c-loans.com/ is a great place to submit commercial loans to hundreds of others at one time! Although there are direct lenders, you may run into another broker, and that is absolutely fine! I recommend co-brokering when you have a loan that is not your usual bread and butter, and doesn't fit the shoe of your current lenders! Remember, this is an opportunity to learn from someone who may have more experience in a particular lending area, such a rural type loans, or nonconforming commercial loans. In addition, C-loans have a host of other resources for commercial loan brokers!!
MARKETING ARENAS! (Recent Update! Get FREE LEADS FROM SALES GENIE- Read below!)
I am a huge advocate of DIRECT MARKETING!! Years ago when I entered into this industry, I worked for a broker, whom I felt nailed direct marketing. We sent out letters every week, and my customer base soared. As the years went by, online marketing simply made sense, and it still does; but it shouldn't be the end all! That said, I have returned to direct marketing, because I realize that it personalized my products. I was able to reach out to clients, using their names, directly speaking to their needs, and introducing myself personally. I believe we need more of that in the world of business. With this in mind, I would like to introduce to you to, Salesfully. You can sign up for a 5 day free trial, and get direct marketing leads for your business clients! https://www.salesfully.com/ You can also sign up permanently for as low as $29/mo!!! I found this to be a great place for equipment loan clients, and merchant advances, and business loans.
*****UPDATE*****
I've heard that many of you have had a bit of technical problems with Salesfully, if you are experiencing that, please contact them directly. That said, read below, because I have another resource I recommend you try!!
I want you all to sign up for a free trial with Sales Genie! Once you sign up, you can filter your lead type, export and print your free leads. They allow you to get over 100 of them! I have found this system, more effective than Salefully! Remember, go for the business leads, and focus on those that will need merchant advances, such as small restaurants, chiropractor offices, etc...Look at your lenders top industries, and GET THOSE LEADS! They are more expensive than Salesfully, so take the free leads, and once you begin to turn a decent profit, sign up for the program!! This is a great way to "test the waters".
Featured Stuff, https://www.featuredstuff.com/ is a great place for both free classified ads, and a featured listing! I have gotten great results from my paid advertisement, and it's really quite affordable to have a featured ad. You can share the ads on social media as well! Definitely worth the money.
Craigslist, https://www.craigslist.org/about/sitess is another very affordable arena which has worked for me! I have gotten a number of clients through my advertisements on Craigslist! My products are often listed under "financial services", and "real estate services". There is a small fee, now but it is worth the money!
Family, and Friends are the best word of mouth you can get!! This is age old marketing! Tell those that know and trust you about your new business! Friends and family members are either business owners, or they know others that are. People love to talk! Give them something good to say about you, and your services!
C Loans: www.c-loans.com/ is a great place to submit commercial loans to hundreds of others at one time! Although there are direct lenders, you may run into another broker, and that is absolutely fine! I recommend co-brokering when you have a loan that is not your usual bread and butter, and doesn't fit the shoe of your current lenders! Remember, this is an opportunity to learn from someone who may have more experience in a particular lending area, such a rural type loans, or nonconforming commercial loans. In addition, C-loans have a host of other resources for commercial loan brokers!!
MARKETING ARENAS! (Recent Update! Get FREE LEADS FROM SALES GENIE- Read below!)
I am a huge advocate of DIRECT MARKETING!! Years ago when I entered into this industry, I worked for a broker, whom I felt nailed direct marketing. We sent out letters every week, and my customer base soared. As the years went by, online marketing simply made sense, and it still does; but it shouldn't be the end all! That said, I have returned to direct marketing, because I realize that it personalized my products. I was able to reach out to clients, using their names, directly speaking to their needs, and introducing myself personally. I believe we need more of that in the world of business. With this in mind, I would like to introduce to you to, Salesfully. You can sign up for a 5 day free trial, and get direct marketing leads for your business clients! https://www.salesfully.com/ You can also sign up permanently for as low as $29/mo!!! I found this to be a great place for equipment loan clients, and merchant advances, and business loans.
*****UPDATE*****
I've heard that many of you have had a bit of technical problems with Salesfully, if you are experiencing that, please contact them directly. That said, read below, because I have another resource I recommend you try!!
I want you all to sign up for a free trial with Sales Genie! Once you sign up, you can filter your lead type, export and print your free leads. They allow you to get over 100 of them! I have found this system, more effective than Salefully! Remember, go for the business leads, and focus on those that will need merchant advances, such as small restaurants, chiropractor offices, etc...Look at your lenders top industries, and GET THOSE LEADS! They are more expensive than Salesfully, so take the free leads, and once you begin to turn a decent profit, sign up for the program!! This is a great way to "test the waters".
Featured Stuff, https://www.featuredstuff.com/ is a great place for both free classified ads, and a featured listing! I have gotten great results from my paid advertisement, and it's really quite affordable to have a featured ad. You can share the ads on social media as well! Definitely worth the money.
Craigslist, https://www.craigslist.org/about/sitess is another very affordable arena which has worked for me! I have gotten a number of clients through my advertisements on Craigslist! My products are often listed under "financial services", and "real estate services". There is a small fee, now but it is worth the money!
Family, and Friends are the best word of mouth you can get!! This is age old marketing! Tell those that know and trust you about your new business! Friends and family members are either business owners, or they know others that are. People love to talk! Give them something good to say about you, and your services!
Commercial Finance/True Business Loans(Increase your Lender's List Here)
Commercial Finance! What's in the news??? Well this is certainly a growing industry, and while you have gotten a good start in your training, there are other products I will recommend you connect with down the road. In fact, here are two to begin with! You are offering business advances, as one of the products in your training modules. Most of your clients will likely have challenged credit.
My goal has always been to encourage the clients to improve their credit, and look into less costly business loans. While business advances certainly have their place, it is short term. The following companies offer longer term loans, and are certainly worth partnering with and offering their services to your clients. They are: Smart Biz Lending at: https://www.smartbizloans.com/assist/partners/new; and South End Capital at: http://southendcapital.com/ Both companies offer longer term, more affordable loans, and will pay you commission on your funded business with them!
Smartbizloans, just updated their required minimum credit score from 620 to 650, however, you can work with your clients to get them to that level. Often times, they are over-extended on credit card payments. If you are able to get them an advance, coach them into paying down high balance credit cards below 50%, to raise their credit scores! That said, South End capital offers immediate solutions! They specialize in subprime SBA loans, with a current minimum of only 550! Their commission structure is a bit different, as they will pay you a referral fee of generally 1%, however you can accomplish loans of $100,000 or more with them, pretty easily! These are great products to add to your growing business.
Update!!!!
I am adding a new business lender to the scene!! This lender is great for those of you working within the accountant, tax, or business consultant field!!! Guidant Financial offers Business financing in the form of 401K roll-overs(their most popular program), and will pay you $1000.00 referral fee on every client you refer that does a roll-over with them, for business purposes! They offer other loans as well, but do not have a compensation plan for those product, however, you can certainly work up one directly with your clients, and have them pay you up to 10% on funding you accomplish for them! Sign up here!
MERCHANT ADVANCE ADD ON: I am adding on a merchant lender due to the uniqueness of their product. I am always excited to offer better products, and this one is offering elements your clients will appreciate! ARF Financial is one of the few merchant advance companies offering 12, 14 and 18 month lines of credit, with a Flex Pay option, allowing your clients to defer a portion of their principle balance; and reduce monthly payments! They also have an early payoff option, which DOES allow your clients to save money on the overall balance!! Sign up here
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While most of your lenders will pull their own credit reports, its a good idea to have the client pull it themselves for you. "Experian Connect" is a great place, for you to sign up with. It allows you to send a link to your client, where they can have their credit pulled, and you will be able to view it! You can submit the report to your lender, along with the application. While your lender won't always require this, a few of them prefer this. You can sign up right here: http://www.experian.com/connect/
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