PMM hears from ASC Finance about brokers and how hiring one could help your garage succeed.
There is no denying it’s been a strange year, and we know it’s been a hard year for garage businesses even though the industry remained largely open through the lockdowns. All the pressure, changes and temporary measures has made it quite difficult to plan for the future. With things levelling off and many looking to capitalise on the post-pandemic word, many garage owners are now starting to make and even implement plans for future growth, and obtaining funding might be part of that solution. Could a broker help you? If so, how? Our handy guide will give you an overview.
What is a broker?
A commercial finance broker’s role is to secure funds from lenders and transfer those funds to the borrower or business, and a good broker will know all the details of the process and have access to many lenders which approve funds. A broker will also have great knowledge of the market and will be able to offer a tailored product for the client, with the appropriate lender available. In other words, a Broker maximises the client’s chances in securing finance, and can save you and your business time. It is already difficult to get a business off the ground, and without finance it can be even harder.
How can a broker help my garage business?
Many businesses fail when applying for finance on their own as the whole process can be daunting and lengthy, not to mention the many different requirements. Each business has different needs and garages are no different, so how to achieve that can vary significantly between them. A broker is able to identify the best opportunities depending on the case to maximise them, and will be on your side through the whole process, has experience in their sector and knows the market well.
We often see applications for finance from garage owners as often the amount they pay on rent each month, would be about the same as mortgage costs, but of course, with the added benefit of owning the property. ASC knows and understands that garage owners have either been weathering the pandemic storm or looking to make the best out of the situation, with finance being a popular option to help with business expansion. We also know that presented right, banks will look favourably on applications from garage owners who own their own premises. Securing finance can be done more efficiently through broker services while increasing your chance of success, and we believe the future of your business shouldn’t be left in anybody’s hands.
How can effective financing help my business?
Finance for garage owners can be arranged to expand the business itself to either another city or your current premises, pay suppliers or staff wages, generate profit, enable operations, buy machinery or attaining long-term goals. You can often secure a loan with the garage or workshop as a security, meaning your business is the guarantee to the bank in case you are not able to afford repayments.
Effective financial planning can make a strong positive impact and increase the value of your business. Ensuring strong and efficient financial arrangements can set your business for success for the years to come along with careful allocation and spending of funds.