SME Broker Bootcamp 2023

Grow welcomed the opportunity to be principal partner of the 2023 SME Broker Bootcamp.

Attendance was strong and we are excited to provide the tools and support that ensure mortgage brokers can broaden their services into asset and cash flow lending with ease.

For many SMEs operators, the struggle to quickly access competitive funding and quality service is very real and we believe brokers are key to solving this challenge.

Given they are already assisting small-business operators with personal lending decisions, it makes sense to deepen the relationship by extending their reach to the business front. Grow is here to partner with brokers to make doing business easy.

Brett Cheal, Head of sales, Grow Finance

In September, more than 700 brokers made the leap to grow their brokerage’s SME lending capability by attending The Adviser’s ninth annual SME Broker Bootcamp. The record attendance this year showcased that more brokers are looking to broaden their income streams amid a softening in new mortgage borrowing.

Run with the support of principal partner Grow Finance, the SME Broker Bootcamp 2023 offered brokers the game-changing industry tools to help them master client discovery, craft compelling credit proposals and optimise their profits with a specially formulated break-even tool.

The free event – which travelled to Melbourne, Sydney and Brisbane in September – was expertly facilitated and emceed by Accendo Financial partner and business coach Stuart Donaldson and Accendo Financial partner and director of Provident Lending & Business Solutions Trent Carter.

The duo – bolstered by the event’s partners – equipped attendees with the essential skills and knowledge required to thrive in the SME finance sector.

Over the course of the day, brokers heard from a range of industry specialists – including commercial brokers and SME lenders – to learn how to tap into new revenue streams and develop a fully diversified brokerage that can manage the SME loan process from lead to settlement.

Through hands-on, interactive masterclasses and roundtables, attendees gained invaluable knowledge and skills that could help them become the finance professional of choice in the SME space.

It equipped them with the skills and knowledge to become the go-to broker for all their clients’ needs and develop a fully diversified brokerage that can manage the SME loan process from lead to settlement.

As well as helping brokers navigate business financials and understand how different lending solutions can help small businesses grow – the event also helped brokers identify their strengths, aptitudes and interests to determine whether they could specialise in a particular niche (for example, asset finance, working capital funding or commercial mortgages).

Once brokers pinpointed their niche, the bootcamp unveiled how brokers can craft a loan submission that lenders can approve quickly. A common theme raised by speakers was for brokers to not only flag how the finance sought can help their client grow, but to also ensure that any issues or ‘red flags’ in the businesses’ financials are made clear from the start. By being transparent, open and solutions-focused, the speakers suggested that brokers would have more success with lenders.

The SME Broker Bootcamp 2023 highlighted that diversifying into SME lending not only helps the third-party channel cement its position as the channel of choice for credit assistance, but also ensures the viability of broking businesses by bolstering a broker’s income flow.

Speaking to The Adviser following the event, Mr Carter flagged that his key takeaways from the SME Broker Bootcamp series in 2023 included:

The time is now

The sheer number of brokers who attended the event showed that competition would be fierce in this space moving forward. “If you are not making moves to bring SME lending into your business as a broker, you could end up behind your competitors in just a few short years,” he said.

There is a whole industry that has brokers’ back

Fear might be the main obstacle preventing brokers from writing SME finance, but there is a ready-made panel of lenders, aggregators, industry associations and mentors who can support brokers and help take the fear away.

SMEs have more options than ever

SME lending has traditionally been viewed as the domain of traditional banks, but the emergence of niche lenders, technologies and dynamic lending policies means brokers are spoilt for choice when it comes to sourcing funding or capital for their business clients.

Starting small can lead to very big things

By starting small and bringing in just one additional product class (such as asset finance), brokers can build up their revenue and confidence before taking on more opportunities.