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ISCOVER
In the first of two morning sessions for The Adviser’s SME Broker Bootcamp, brokers learned how COVID has affected SME finance and what solutions are available to them to help their SME clients.
On Tuesday (1 December), hundreds of brokers tuned in to The Adviser’s sixth annual SME Broker Bootcamp.
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The free event, run virtually for the first time, outlined the key issues SMEs have been facing during COVID-19, how this has impacted SME finance, and how brokers can be filling the void by providing much-needed help when it comes to SME finance now and into the future.
Held digitally over the course of two mornings (continuing this morning, 2 December), the SME Broker Bootcamp aims to equip brokers with the tools and knowledge to tap into lending for small and medium-sized businesses.
What happened on Day 1
Hosted and emceed by finance executive, business coach and educator Stuart Donaldson, the first day of the bootcamp delved into the trail of disruption and devastation wreaked by COVID-19, and how it has spurred a lending solution boom for smart brokers.
After outlining how COVID-affected businesses have been impacted and what the recovery may look like, Mr Donaldson revealed the financial models and utilised real-life examples to showcase the success stories in which brokers have been in the driving seat to help businesses when they needed it most.
In a case study session, Mr Donaldson and GetCapital’s head of strategic partnerships, Cristian Fedrigo, unpacked how brokers have helped SMEs access finance, demonstrating the opportunity of commercial finance and running through an exercise scenario of how brokers have supported small-business owners grow and how those SMEs utilised the funds provided.
Later in the morning, brokers were treated to the first part of the Alternative Product Roadmap, an interactive session designed to equip brokers with key information on a range of products and services that cover both the home loan journey and complementary services.
Mr Donaldson spoke to Mal Withers, Pepper Money’s head of commercial; Peter Benson, director of Credit Connect Group; and Mark Andersen, national broker manager at Finstro, to help brokers understand these lenders’ sweet spots, what qualifying questions and financials they may need to provide to each lender, and what solutions and support is available to brokers writing loans through these lenders.
Day 1 of the SME Broker Bootcamp concluded with a session with CAFBA’s chair of the CAFBA Education Council, asset finance broker and director/founder of major asset finance brokerage, Moody Kiddell & Partners, Terry Moody.
Mr Moody outlined how CAFBA is advocating and supporting commercial and asset finance brokers, and why it is formalising and raising education standards in the commercial finance space.
During the course of the day, brokers had the opportunity to speak directly with lenders at the virtual exhibition centre and learn more about the solutions available.
Congratulations go to Duane Mengel from Mortgage Choice Coffs Harbour, who took home the $500 prize courtesy of gold partner Mortgage Ezy.
What to expect from Day 2
More solutions and insights will be gleaned in Day 2 of the SME Broker Bootcamp, with the first session starting this morning (2 December) at 9am AEDT.
Over the course of this morning, brokers will hear from the Australian Small Business and Family Enterprise Ombudsman Kate Carnell as she unpacks the challenges facing SMEs and how brokers can help their clients overcome them. The ASBFEO will also delve into how the Ombudsman is helping support brokers in their quest to enable SMEs to access finance from a range of lenders.
Later in the morning, Mr Donaldson will lift the veil on SME financials and showcase the number, tools and language brokers can use to make a profound impact on their SME clients, while co-founder and chief revenue officer of Prospa, Beau Bertoli, will lay out the key trends affecting SMEs and how they will drive demand for SME credit.
The second part of the Alternative Product Roadmap will welcome Simon Arraj, the director of Vado Private; Torri Martin, the national partnerships leader and broker leader NSW from Latitude Financial Services; and Mick Conyngham, the head of distribution at MortgageEzy; complete the lending blueprint.
With a trifecta of COVID-19 restrictions, government stimulus running off and the holiday season fast approaching, now is the time to ensure you are across how you can help SME clients when they need it most.
The live stream event will be available to view via the SME Broker Bootcamp 2020 portal until midnight on Friday (4 December).
A wrap-up of Day 2, including the prize winners, will be released on Thursday morning (3 December).
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