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Business Loan Broker - How to Become a Business Loan Broker

financial world background education

Businesses as well as individuals need loans. Especially in our difficult economic times, businesses are on the lookout for loan brokers who know their stuff. So becoming a business loan broker is potentially interesting and lucrative career choice. It requires a fairly good deal of dedication and know how, but if somebody can attain these he or she has got the possibility of getting involved in a well paid and rewarding profession for which demand is high.
So how do you become a business loan broker? The first step is, of course, to get educated in it. Don’t expect to jump into this field and be successful with only a smattering of knowledge and education. It is important to know the field thoroughly and to have a good background in finance, in both educational terms and experiential ones.
The best kinds of degrees to get for this and many other financial fields if you’re just starting out are Bachelor’s degrees in things like marketing, finance, economics or business. These will give you the necessary background knowledge to get into the field of finance and have a reasonably good chance of knowing what you’re doing.
As a follow up, you can consider a Master of Business Administration (MBA) degree. These are graduate level degrees that take 2 years to complete but may be completed in less time. These will really qualify you to get hired by brokerage or other financial company at a good rate or to start a business of your own.
If you must get right into the business world and think you have the general talent and business acumen to make it work, you can simply get an Associate’s degree in business or finance. These can be completed in 2 years or less without prior education or experience except a high school diploma and will at least give you some preliminary qualifications. In addition there are some fairly quick career school programs that teach brokerage skills and may be able to give you just enough knowledge to get started. Be wary when approaching online programs. Check them out thoroughly, because these types of schools may be scams of one sort or another, as has been seen often in recent years.
Consider doing some sort of internship with a financial firm while you have your classroom education or in addition to it afterwards. Many financial companies offer forms of internship or on the job training that can be very helpful in getting you the necessary experience in the brokering world you need to be successful.
Laws vary from state to state as to whether a business loan broker needs to have licenses or certifications or not. There is no national certification or license requirements. Certification exams are offered by a number of different schools and professional organizations. These generally require that the person taking the exam gets a score 75% or higher on the exam to become certified. There is usually a fee associated with these certification exams. In some states the applicant must have a background check, be fingerprinted, or get a surety bond.
If by the time you get your certification you don’t already have a job, put together a resume and begin looking for work at brokerage firms, banks, or more generalized financial services companies. Your degrees and certifications will be very helpful here, as will internships or other job experience in the financial world.
You may also consider going into business on your own. Outsourcing and use of private contractors is quite prevalent these days, so you can simply set up an office and market your services to businesses of all types who may need loans. You can try setting up a website that gives information on all the services you provide, or simply advertise to likely business prospects on classified ad sites, in the newspaper, by direct mail, email, or even by telemarketing.
If you think you have what it takes to be a business loan broker, get up and do it! The demand is there, loans are necessary at this point, and being a savvy broker is definitely a marketable skill. The key is to get as solid a background and education as possible. It is definitely also advisable to get some work experience before going into business for yourself if that is what you choose to do, as work in the business world really requires a familiarity that can best be gained by direct participation. If you can show businesses that you have both the credentials and real world know how that being a business loan broker requires, they will be the most apt to either hire your or become customers.

GOOD LUCK!

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