Brokers diversifying their product offering to include commercial loans and business finance products are tipped to do well with a greater number of businesses turning to brokers to source funding, The Australian Financial Review reported today.
Robert Powell, a director of BDO Kendalls’ business advisory services, said that SMEs have become much more educated than they used to be and are aware that brokers can assist them source more appropriate financing.
“They know that the way to get the best terms on a finance deal is to get the banks to compete against each other. Which is exactly what brokers do,” he said.
According to Mr Powell the motivation behind most businesses shifting from banks to brokers stems from banks’ financing being too expensive or because of dissatisfaction with parts of a current deal.
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