5 Top Qualities of a Singapore SME Loan Broker

5 Top Qualities of a Singapore SME Loan Broker – Singapore is a very successful finance hub. Being a small and young nation, with its position an important trading and travel hub, it has also tried to position itself as a key financial hub of the world rivaling places like Hong Kong and Tokyo.

Being right in the middle of the fast growing South East Asia region, Singapore is the headquarter of many global companies that look set to take advantage of the growth potentials of the region.

Through ASEAN, the region has grown and is expected to be a leading economic region is the coming decades.

With countries such as Vietnam, Indonesia and Thailand as strong manufacturing bases and also potential middle class markets. Most businesses use Singapore as their main regional headquarter to raise funds and also to navigate the region.

The financial markets in Singapore are growing more mature now and with that many Small and Medium Enterprises have set up shop here. With this requirements, more banks are also setting up shop in Singapore.

The financial markets have always been an interesting place to be, with many new products and offerings that businesses and business owners can take advantage of. One of the key financial markers are those of loans.

In the Singapore market, there are various loan sources such as:

  1. Banks
  2. Legal Financial Institutions
  3. Financial Startups / Fintech companies

There are also various loan options to help business with their cash flow needs such as:

  1. Term Loans
  2. Singapore Temporary Bridging Loan
  3. Government Subsidized Loans
  4. Trade Lines
  5. Invoice Factoring 
  6. Invoice Financing
  7. Mortgage Loans
  8. Hire Purchase Loans
  9. Structured Commodities Trade Financing

This makes for a very interesting playing field for someone who is keen to take on the role of a Singapore SME Loan Broker.

So with this, let us now start to explore some of the “Top Qualities of a Singapore SME Loan Broker”.

1. Good eye on details 

Once you start to pick up the advisory skills of being a Singapore SME Loan Broker, you will realize there are common mistakes that Singapore SME Bosses make. If you are someone who is good at identifying issues and into the details, you will usually be able to pick up the common mistakes.

For someone who is able to pick up on the criteria and work on delivering the high quality advisory that is expected of them, you will be able to assist more clients and impress them to introduce their friends to help you grow your customer base.

2. Good interpersonal skills 

Working with business owners is not something that everyone can do. The fact is, trying to sell to successful business owners is much tougher than selling to regular consumers on the streets. You must be prepared to be questioned over and over again. Tested on your skill sets and also being able to provide some simple advisory work while holding yourself well.

The fact is that communicating with SME Bosses is a skill in itself and if you are able to handle it well, be glad that they will reward you with more introduction of business.

A good set of interpersonal skill will definitely work for someone who is in the sales line.

3. Can Do Spirit

Unlike selling to consumer on the streets, you might be able to find leads just standing near the Malls and MRT Stations to get more contacts and chatting them up. The fact is reaching SME Business Owners you only have a few ways of reaching them. Cold call the customers, Networking with bosses at events or the most tiring but likely method, door knocking one door at a time.

The fact is that you have to have that can do spirit to keep going. The returns of being a loan broker can be high if you start your ball rolling and introductions start coming in, but the initial burst is the most tiring thing that you have to go through to get to the point of making good money as a SME Loan Broker.

4. Good connections with the SME Loan Bankers

This boils down to good interpersonal skills again. The fact is most brokerage firms will have an asssigned SME banker to go to. But whether or not the SME banker will put in their best effort to push your case depends on how well you know them and also how good a relationship you have with them.

The fact is having good relationship means that the bankers will put in that extra mile or that extra effort to convince their head of sales to approve a case that might have been borderline or for a higher quantum.

This matters a lot in this trade because end of the day, the connections is why you will want to work with a SME Loan Consultant in the first place!

5. The money is in the following up (Following up skills)

The fact is that most bosses will take their time to reply or they may take a long time to reply. Most bosses do not exactly have a lot of time on hand to sit down and get things done. Most of them are out closing sales or they are handling the operations of their business.

The money is always in the following up, so for someone who is consistent and persistent, you will be able to make that break through that others cannot get to.

Avant Consulting Pte Ltd is a Singapore based SME Loan Brokerage that is focused on assisting Singapore Small and Medium Enterprises in getting access to funding either with term loans or financial trading lines.

We look forward to on boarding more Singapore SME Loan Brokers. If you are keen, speak to us at +65 9752 9796.

5 Top Qualities of a Singapore SME Loan Broker