Businesses need credit for many reasons, particularly if they want to buy a new asset, fund their growth, or to help with immediate cashflow issues.
It can be a slow, painful process, especially if the major banks are nervous about the outlook for certain industries.
There are pros and cons for going through a business finance broker, but if traditional banks are tightening up on business lending criteria, there are often more pros than cons.
One benefit is if you’ve got time constraints and need to access finance quickly, then a broker can help speed up the process and know the different options that best suit your needs.
It’s hard when you’re an owner-operator as your time is often more valuable getting across the key strategic issues for your business. You don’t want to fumble your way through the credit process.
Finding a business finance broker that you can trust, has a good reputation, and is experienced in your industry can be worth your time as you focus on other matters.
I caught up with Jason Fox from Credit One to understand the latest trends and tips for local businesses seeking business finance.
Matt Chat is a regular video series by Tauranga Chamber of Commerce CEO Matt Cowley, where he discusses both big regional issues and targeted industry concerns with local business owners.