Why do you need to engage a business loan consultant?
What’s the role of an SME loan Consultant?
What are the benefits of engaging a Loan Consultant:
Contacts and network
Expertise and experience
Alternative strategy and practical advice
Favorable loan terms
- There is no need to approach and compare as this only means that the consultant does not know their work and need the banker or the credit approval to tell them.
- An important reason not to approach multiple banks at once is that when multiple banks search the guarantor’s personal credit bureau, and the company ACRA; there will be extra searches on personal credit bureau (of the director) from the banks and this will bring down the credit rating of the guarantor. Same for company Acra searches from banks, additional searches can show the credit approval that the SME is applying for any loan at the same time and it doesn’t look good. (I am saying this from an ex bank’s credit-approval point of view)
- This frequency of searches from different funders in a month also showing to other funders that this company is desperate for funding and it does not reflect well if you have (for example) 8 searches in a month.
Handling the small details
Sharing the same interest
What to look out for when sourcing for a Good Loan Broker?
No contact information or proper business premise
What is the Difference between Bizsquare and other Loan Consultants?
In Bizsquare, we are NOT only a loan broker. We strongly believe an intermediary does not add any value to your business and your application. If we cannot add value to your business, Bizsquare will be assured that we will NOT get any form of fee from you.
Unlike other loan brokers, Bizsquare does not pass your documents from one hand to the other hand and hope that your cases will be approved. (We personally feel that this has no value add.)
In Bizsquare, We practice a – Business Credit Doctor concept.
BIZSQUARE – Your Business Credit Doctor
Our entire process is different from other loan broker firm. We are a specialist.
Imagine you walk into a Specialist clinic and speak to our Specialist.
Here are our Bizsquare process and procedures:
- Upon signing our Bizsquare company documents, we will collect your full company information. Proceeding to do a thorough credit check on the company and all guarantors and do an initial credit assessment. (Based on Moody’s credit and Singapore Commercial Credit Bureau guideline)
- As our credit assessment is 85% accurate and the range of approval that we estimated are accurate.
- We will understand the business operational process and also do a site visit in the client’s office.
- We look for possible gaps and advise the Business owner on their possible ways to improve on their credit, cashflow management, business gap or other trade-related issues. This process will take the longest, as the credit improvement process normally take 1-3 months to reflect on the documents. The duration will depend on the credit standing of the business and the directors.
- Once the SME has resolved their issues, we will suggest the possible ways they are able to raise funds. We suggest the correct products to them based on their needs. Sometime, in a unique situation (where the funder is a private investor), we will create a customized solution for the SME based on their exact cashflow requirements.
- After confirming the whole strategy, we will proceed with the submission of documents and follow up on the case until the funds are received.
- Post-Review on the SME cashflow and advise them how to use the money in the best possible way to grow their business. (In Bizsquare, we practice the good use of the loan is to grow more money and avoid other purposes – See our article on this)
Why Work with Bizsquare?
a) Gathering data and documents alone is a time-consuming task especially if the SMEs haven’t organized or updated your files regularly.
b) Bizsquare has an internal credit process to filter possible rejected cases. Followed by advising them the right way to build their profile before submitting to the relevant banks or FI. This is very important as a rejected case will cause the company unable to apply from the same bank/funder for the next 6 months to 12 months.
c) You might not be sure also out of the many banks and financial institutions which has the lowest rates and deal. Bizsquare will compare and make the decision together with you.
d) Nowadays bank requests for business plan too. Making a good business plan, including realistic projections, eat up valuable time. Bizsquare can help you with your business plan.
e) Presenting the company to banks in a way that gives them the highest chance of approval is also a form of Art.
f) Business owners also need to answer questions from the banker. Most business owners crumbled upon and unable to answer due to miscommunication with their accountant. We help you facilitate the whole process.
g) In the event of a rejection, we will share with you the reasons ( you will not be able to know if you apply yourself). We then help to ‘rebuild’ your profile together with you through advice to manage your cashflow.
In Bizsquare, we treasure long term relationships as we have many long-term customers since the year 2013 till now. We have helped many SMEs build their business cash flow and grow their business; one of our clients grew from $200k yearly revenue to now a $10 million revenue business after 6 years.
Very importantly if the loan application failed due to rejection, the SME may face up to 12 months lapse before one can apply with that funder again.
Some business owners would rather brave the loan application process while others choose to outsource the task to a broker to save time and effort.
SMEs never regret coming to us as they feel that the benefits of using us, cure the root of their problem
Bizsquare is a management consultancy company fixing SMEs’ internal cash flow problems so that they can grow well and expand far. We help SMEs to settle their key cashflow problems by ways such as:
i. Adjusting their credit terms with their suppliers or customers
ii. Credit collection methods and discount techniques
iii. Find out their business loophole, cost reduction methods
iv. Revenue generation issues
v. Drill down into products and talk about efficiency on each product and service.
For people who don’t know what does a management consultant does, please visit here.
Director of Bizsquare is registered Practising Management Consultant under Enterprise Singapore.
BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.