Why is engaging a SME Business Loan Consultants Important?

Ever wondered, why is there a need to engage an experienced SME Loan Consultants when you could apply the Business Loan yourself? And if so, is it worthwhile? What would be their Value proposition for your Business?

In Singapore’s context, applying for a business loan can be an extremely tedious process. In fact, for many small business owners, it is a painstakingly process to start (especially when they are first-timer); due to the sheer number of requirements banks might ask for. Most SME owners do not know what the banks are looking for.

Now let’s go straight to the reasons to engage a good consultant:

  1. Higher rate of Approval

Professional Consultants, especially those who’ve been in the business for years, have built relationships with a large network of financiers and bankers. They would know exactly where to search for a financier who is a good match for your funding needs. He’ll find the missing piece of the puzzle.

Of course, the client has all the decision to go direct to the banks themselves. But all Relationship Managers are on a tight timeline to meet sales targets, and most would put away your case if he/she feels that the case is time consuming or borderline basis. 

  1. Handling the small details

A Consultants will go down to the details and assess how you would fare in the eyes of a potential creditor. They be able to point out red flags that could lower your chances of getting approved.

Different banks have different credit criteria that most SME owners are not aware of. For example, do you know that your business industry nature might affect your chances of approval as bank A might be open to a certain industry while bank B might reject the same industry?

Assisting you with the nitty-gritty of loan packaging frees you from doing the grind yourself and increase your chances of getting business loan.

  1. Guarantee based services 

Most SME Business Loan companies doesn’t charge any fees if there are no approval. This gives client a peace of mind that their agents are motivated to achieve your objectives. W Squared Consultancy does not charge client if we do not meet your objectives.

However not all companies are like this. Do check the engagement contract carefully and do clarify with your consultants on any questions before signing the dotted line. 

  1. Get your company’s financials in place 

For Bnakchamps we do not just work with client for the short term, we will follow them through their expansion and growth stages. 

We believe in educating all that we know and giving sound advice such that our clients would be well informed to make sound Business decisions. Their company would also be in a better position to secure future funds easily for their expansion needs.

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