When looking at the benefits of business loans, it’s no wonder business owners love them. Some of the benefits include: 

•   The potential to borrow $10,000 or more for business use.
•   Being able to contribute extra repayments with a fund redraw option.
•   Making interest-only repayments on what you owe.
•   The flexibility offered with loan repayment options.

A commercial broker works with you to increase the chance of business success while empowering you to make informed financial choices. Working with an expert will give you benefits like:

•   Extensive experience in commercial lending,
•   Strong relationships within lender networks.
•   Over 30 lenders to choose from.
•   Representation of your business to your chosen lender.
•   Long-term client relationships.
•   Great interest rates, structures and reduced fees secured using competitive tension.

As both help you to obtain a loan, it’s easy to get them confused. Some of the main differences between the pair include: 

•   Constantly needing to explain your business due to high turnover in business banking.
•   The bank is number one – they put their best interests before your businesses when helping you secure a loan.
•   Your business growth can be restricted by the banks’ appetite for changes in lending and policy.
•   The bank won’t spread your loan across multiple lenders to reduce your risk.

Banks can dictate the interest rates and fees without competitive pressure.