As a small business loan broker I have come in contact with a good number of small business owners who are seeking my help to raise capital for my business. Some of these individuals have a hard time trusting small business loan brokers. There is usually a reason for this and it’s typically that they have been lied to or defrauded in the past by a small business loan broker (or they are just natural skeptics that question everything). While I do understand being skeptical of small business loan brokers (since we do need access to your personal, business, and credit information), I don’t understand holding on to the fear of working with them after completing a due diligence search.
For example, if you Google my name (Brittni Abiolu), you will find loads of information about me online. In fact, one of the first pages that come up when you search my name is my LinkedIn page. My LinkedIn page includes tons of details about me, my business, and past clients. It has numerous reviews and testimonials from past clients (and these testimonials are verifiable). Everything that you will find about me online is business related and pretty positive. I make it very easy to find out everything you need to know about me.
Check for Transparency
In the small business loan broker world, transparency amongst your prospects and clients is critical to building trust. If you’re a small business owner and plan on seeking the help of a small business loan broker, it is critical that you do a due diligence search on them. This includes searching their name online and finding out as much as possible about them (and even meeting them in person if they are in your local area). A due diligence search should give you a pretty good idea of who they are and make you feel more comfortable in working with them.
It’s important to feel comfortable with small business loan brokers because you will need to supply them will confidential information such as your personal credit reports and business and financial statements. In my experience, some people have issues with this, especially if the small business loan broker is not in their local area. It’s important as an entrepreneur and small business owner to know that you will need to supply any small business loan broker you work with, with the aforementioned information. It’s standard procedure in the industry.
I’ve had several prospective clients flat out tell me that they were not going to be providing me with their personal credit reports. When working with a small business loan broker, refusing to provide them with the information they need to help you find a suitable lender will get you no where. You are wasting your time and the small business loan broker’s time if you refuse to provide them with the information and documentation needed to help you find a funding source.
Yes, You Can Trust REAL Small Business Loan Brokers
The bottom line is that small business loan brokers run legitimate businesses and offer legitimate services so yes we can be trusted. It is your responsibility to conduct a due diligence search to determine whether or not the small business loan broker you want to work with is worthy of being trusted.