What Is a Business Loan Broker and How to Become One
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What Does a Business Loan Broker Do?
Business loan brokers help business owners secure a commercial loan to finance business operations, expansions, or projects. In this career, your job duties include assisting your client to fill out the application and reviewing the financial records and assets of the company to assess its needs and its financial capacity to repay a loan. You then recommend loan products that meet the company’s financing needs and negotiate with lenders to find an arrangement that works for both them and the borrower. As the process continues, you discuss the approval process with your client and ensure that the lender follows all regulations in the borrower's jurisdiction.
How Can I Get a Job as a Business Loan Broker?
There are no formal education requirements to become a business loan broker, though many employers prefer candidates who have an associate or bachelor's degree in finance or business. Those who do not have a degree may start their careers in an entry-level position at a bank or mortgage office to learn about the different types of loan products, become familiar with the requirements for commercial loan applications, and how to analyze financial risk. Most employers also provide on-the-job training. Though a majority of states do not have licensing qualifications, some states require that brokers obtain a license, so make sure to research the criteria where you live. Other qualifications include excellent communication and organizational skills.