Connect

Connect launches unsecured business lending panel




Connect for Intermediaries has launched an unsecured business lending panel for its network members.

Its AR members will have access to products from the panel, which is made up of Fleximize, iwoca, Funding Circle and White Oak.

Speaking with Bridging & Commercial at Connect’s 20th anniversary event, Kevin Thomson, sales director at Connect for Intermediaries (pictured above), discussed the panel and why those four lenders were chosen.

“The demand for unsecured loans for trading businesses – particularly where they’re looking for capital to grow their businesses – is in short supply [from] your typical high street banks.

“But the demand is there, so we’re satisfying the demand for our network members by providing access to a small panel of four providers, who are in the market of providing unsecured business loans.

“…They are the four that are providing certainty of funding when they agree the deal.

“They’ve got the brand and the awareness in the market and, in our view, they … should do most of the enquiries that our members will want.”

Kevin mentioned that Connect would be open about adding new partners to the panel in the future, if there was the demand.

“We will always keep an open mind with regards to panels; whether we should add somebody in if they can add benefit and look to supplement our product offering as provided by those four.

“And subject to demand, because I don’t want or need 20 lenders if we haven’t got the demand to support those lenders.

“So, that’s why we’ve started off [with] a small panel that will enable the members to develop and place that type of business and see what the demand is ... and if the volumes dictate and there [are] lenders out there that we need so that our panel becomes fit for purpose for our members.”

Connect also announced that it would be launching a training academy for brokers in the new year.

“I’m responsible for recruiting ARs into our network and we look for experienced brokers,” added Kevin.

“I get demand from people that have taken CeMAP qualifications, they’ve done all the qualifications and now want to get started as a broker.

“There’s a big difference between having the qualification and broking and advising clients, and you need the training to take it to that stage.

“Up until now, we haven’t provided that, so we haven’t taken those on.

“Now, we’re looking to provide that training support to train those people, so new people coming into the industry – [who’ve] taken the qualifications – want to join the broking world [and] we can train them, get them up to our standards and then we can take them on as an AR.”

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