Lenders Directories
How to Use the Lenders Directories
Lesson Video
How to Use the Lenders Directories
Learning all of the features of the Directory of American Factors and Lenders is important for all types of brokers, consultants, and even referrers as well. The directories function as a database of not only factors but also all types of common lenders used by professional freelance consultants.
The searchable feature of the directories allows you to locate a specific type of lender that prefers certain industries and specific sizes of deals. This means you should always be able to locate a ready financing source for financing your prospects and clients every time.
How to Use the Search Feature
Targets represent the demographically chosen “raw material” you will market to and you have two (2) types of targets you will constantly be adding to your lists and CRM…
- Targets for Financial Products: These targets are business owners demographically chosen as possibly in need of financing now or in the immediate future.
- Targets for Referral Cultivation: These targets are professionals in industries such as banking, accounting, insurance, etc. who, in the course of their daily business, interact with business owners that could be members of the aforementioned group of those in need of finance.
Selecting Targets for List Building
One of the truly great characteristics of the factoring and alternative business finance markets in general is the ease with which you can build compiled lists of targets to work on and market to. According to the SBA, there are roughly 29 million small businesses in the U.S. with new businesses being started every day. Some businesses…
- can qualify for bank financing and others cannot
- need financing immediately, others do not
As we stated in the Factoring 101 Broker’s Guide, you cannot sell factoring to a company that does not need money and even if it did need money, has abundant collateral and could easily get the needed funds from a bank. Understanding this fact would (or should) eliminate such companies from being members of your compiled target lists.
