Q. When did you start working with the broker channel and why?
From the inception of our company, brokers were at the forefront of our focus and their role has remained fundamental to our business ethos.
Q. Why is a strong broker channel important to you?
Utilising a broker holds significant advantages for SMEs. Small-business owners rely on brokers not just for individual transactions but as steadfast guides navigating the financial landscape. Typically, a broker offers assistance across various fronts – assets, equipment, small-business loans, even mortgages, and insurance – comprising a comprehensive suite of financial solutions. Through ongoing collaboration, a bond of trust naturally forms between the business owner and their broker.
As a small-business lender that appreciates the immense trust SMEs place in their brokers, we understand the importance of brokers in our operations, ensuring a symbiotic partnership that serves the needs of SMEs effectively.
Additionally, brokers excel in scenario workshopping. Adept at understanding their customers’ unique needs, they leverage lenders like Bizcap to tailor financial solutions precisely to their clients’ requirements. This might involve a blended model, where they secure a portion of the funding from one lender and the remainder from Bizcap in order to close the financial gap. Brokers play a pivotal role in orchestrating this multifaceted approach and clients trust brokers to guide them through complex financial decisions.
That is from the small-business client’s perspective. There is also the standpoint of us as a lender, which is that brokers consistently deliver high-value deals. In our loan book, the vast majority of transactions exceeding $2 million come through broker channels. This underscores the trust clients place in brokers when making important financial decisions. Consequently, we prioritise our collaboration with brokers, recognising them as indispensable partners with whom we can deliver tailored financial solutions to SMEs.
Q. What is your top priority for the broker channel at the moment?
Our primary focus for the broker channel revolves around the launch of our new CRM system later this year. This system aims to enhance the broker experience by introducing a new dedicated partner portal that will facilitate streamlined lead submission processes and provide comprehensive deal management and analytics features.
Alongside this technological advancement, we’re dedicated to strengthening our relationships with brokers, given their significant contribution to our loan book. We’re investing in tailored educational resources and support mechanisms such as scenario workshopping, events, lunch and learns, and webinars.
Furthermore, we’re actively educating brokers on the importance of discussing cash flow management with their self-employed clients. By empowering brokers to initiate these conversations effectively, we aim to fortify our value proposition for both brokers and their clients.
Q. What kind of tools and support do you offer brokers? And how do brokers access them?
In our partnerships team set-up, we have business development managers (BDMs) as the primary point of contact for brokers. Additionally, we have a dedicated broker support team working alongside the BDMs. When a broker joins our network, they’re assigned both a BDM and a broker support representative. This ensures seamless communication and assistance for brokers regarding queries about commissions, sell rates, and sales strategies.
We also provide marketing content that brokers can share with their databases, along with educational presentations explaining how our business loans work.
Another factor that sets our services apart is our ability to shoulder the workload on behalf of brokers. Some brokers may hesitate to offer business loans due to it not being a core product in their business. However, we can act as experts on their behalf through a tick ‘n’ flick referral model, where we engage directly with the client, explaining our product and handling the deal process. Brokers can thereby earn commissions without managing the deal themselves. Although brokers always have the option to manage that process in order to control the conversation with the client, if they prefer.
Q. Why should a broker look to partner with you?
Brokers partnering with Bizcap gain access to a genuinely niche product. We offer fast and flexible solutions unparalleled by any other lender in Australia. Our loans range from $5,000–$5 million and each facility is tailored to the individual client, including cash flow-friendly repayment terms.
We pride ourselves on being more open-minded and adept at filling financial gaps that other lenders – banks and non-banks – cannot. That is because we are able to service customers with existing loans, past judgments or defaults, and bad credit, as well as SMEs in volatile industries like construction and freight.
In an environment where other lenders struggle with lengthy turnaround times and increasing red tape, we stand out by dispersing funds in as little as three hours for new clients and half an hour for existing clients, making us the best placed lender for meeting urgent financial needs.
Added to that, the blended model I discussed earlier – where Bizcap can take second, third, or even fourth position for SMEs with existing loans – further enhances flexibility for brokers. By complementing existing funding with Bizcap’s offerings, brokers can ensure their clients receive the total amount required.
We offer industry-leading commissions and boast an impressive customer repeat rate of 60 per cent. Many of our clients return for multiple loans, integrating these facilities as a crucial component of their business growth strategy. Thus, our relationships with SMEs extend beyond mere transactions; they evolve into ongoing partnerships. Brokers stand to gain from those long-term relationships, earning commissions from every subsequent loan their client takes out from us.
Another incentive for brokers to partner with Bizcap is the presence of small-business owners among their clientele who come to us directly, seeking business loans. Their clients are contacting us with or without them, so brokers are better off representing their clients, thereby positioning themselves as that single source of financial support and earning commissions associated with those deals.
To date, Bizcap has funded $850 million in deals to 21,000 small businesses, while retaining a 4.9/5 Trustpilot rating, speaking to the satisfaction of clients and brokers alike with our superior customer service and solutions.
Finally, our expanding product range, which goes beyond fast business loans and into bridging finance and lines of credit, presents brokers with a compelling reason to partner with us.
