Spotcap's Stuart Urquhart discusses life on the road with the Commercial Finance Roadshow in Newcastle and Barnsley...
I just returned from two days on the road meeting brokers in Newcastle and Barnsley. A few things were incredibly clear. The area is full of thriving businesses from a diverse range of sectors, and they are very interested in learning more about unsecured financing, in particular those options where no personal or director’s guarantee is required.
The Northern Broker Scene
The turnout at the roadshow was especially strong in Barnsley pulling commercial and mortgage brokers from Leeds, Manchester, Sheffield, and Huddersfield.
In most cases, the local brokers are masters in juggling the financing needs of clients with very different needs. I heard several stories about how they might help a sole trader in the morning – perhaps a tree surgeon looking for an asset-backed loan for a new van. In the afternoon the focus might have completely shifted with calls to invoice lenders on behalf of a larger manufacturer looking for an equipment upgrade. Their ability to understand and service such a wide range of businesses is impressive.
Why We Hit The Road
The big challenge – mentioned by the brokers in both Newcastle and Barnsley – is staying on top of the many financing providers and products out there.
One broker put it point blank “I have 370 lenders on the books – that’s why I came out today. It’s important to have face to face conversations about how the products work.”
This is exactly why we decided to hit the road with Barcadia and the NACFB. We wanted to go out and answer brokers' questions about what Spotcap does and how our unsecured loans work.
We believe the relationship between brokers and lenders can only be mutually beneficial if they are built on a true understanding of what brokers need and what we offer.
Interest In Unsecured
Luckily, there was strong interest in Spotcap and what we can put on the table. Brokers shuffled for their pads and pens to make notes when we told them that we don’t require personal guarantees and turn around applications in one working day.
It felt good to see that they got it. You don’t have to do just asset finance and invoice finance. There is an unsecured sector where there are lots of deals to be made, and you need to be part of it.
Our next stops are Reading, November 1 and Derby, and November 2. See you there!