Thursday, September 11, 2014

Business Loans: Scouting New Prospects for a Mutually Beneficial Relationship

Loan officers and lenders know that in order to keep their businesses going, they need quality borrowers. Finding new customers is not always easy. Still, the lender-borrower relationship is definitely loaded with mutual benefits. You are helping your customer get the funding they need. And they are helping your business to grow as well.

Business loan leads are not necessarily easy to find. Some prospects might no qualify, some might not be in the position for a loan, and there are many other reasons why prospects might reject your offer. One of the smartest moves you can make is to purchase quality leads from a list broker or live lead provider. However, there are several other methods you will want to consider if you are proactive about generating business loan leads.

Your current customers undoubtedly have business associates who could benefit from a loan. Provide incentives such as a cash bonus, repayment discount, or some other small token of your appreciation for each successful lead that results in a loan.

Trade Shows
Make your presence known and advertise your services to a variety of business owners. Give them an opportunity to ask questions and get to know you and what you can offer. Hand out business cards and other information, and be sure to get the cards of genuinely interested prospects and follow up with them. You might just find yourself a few new clients. Additionally, you can go to trade shows as a visitor and offer your info to the businesses there as well.

Join networking groups and seek out targeted groups, organizations, and companies that could help you to get your name out there and refer new business loan leads to you. You could even offer a small commission as incentive to motivate referrals.

Sponsor a Giveaway
People love to win free stuff, and this gives you an opportunity to prospect for new clients. All you need to do is set up a quality sweepstakes or drawing at a suitable location likely to bring you plenty of business owners, and add a disclaimer to the sign up form telling them that entering your drawing constitutes their agreement for additional contact from you regarding business loan products. This does not mean everyone who enters will be interested in a loan, but giveaways such as this do tend to have a reasonable rate of return.

Teach a Free Business Class
Many people are taking business classes with a goal of starting or expanding a business. Why not contact your local community center, community college, or other forum and offer to teach a free class on the business loan process? Not only do students get some valuable information, but by their knowing who you are and what you do, the potential for business loan leads is good.

Business loan leads are not difficult to find. It just takes some coordinated effort and a proactive approach.

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