More than half of brokers surveyed by Asset Advantage reported positive experiences or feedback following the SME funder’s investment in systems and documentation processes.
The survey found that 43% of respondents described the impact of the changes as good, while a further 10% said they had heard positive feedback from other brokers.
Only 5% reported a negative impact and 18% said they had seen no impact, largely because they had not yet had sufficient opportunity to use the new processes.
One broker said: “Quicker decisions and document requests means that dealing with Asset Advantage feels much slicker.”
Asset Advantage has also sought to strengthen its communications with brokers, made several broker-facing appointments and added staff to key internal departments.
The lender said the investment was intended to improve efficiency as it sought to meet demand for business finance from small and medium-sized companies.
Most respondents to the same survey described Asset Advantage’s credit appetite and approach to risk as good. The company said this reflected its willingness to work with brokers to understand and progress proposals.
Gary Thompson (pictured), sales director at Asset Advantage, says: “For commercial brokers, the quality of a funder’s processes is arguably as important as its funding proposition.
“Any systems or processes that create unnecessary friction ultimately cost brokers time and can jeopardise both the deal and the client relationship.
“Funders therefore have a clear duty to their brokers to make sure processes are straightforward, support is forthcoming and that proposals can progress efficiently.
“Our investment in growth over the past year has been focused on making sure that processes are simpler and more efficient, bringing in changes behind the scenes and on the front line that make a tangible impact to the day-to-day experience of submitting and progressing proposals.
“It’s encouraging to see that this is beginning to be recognised by brokers, although we’re fully aware that there is always more we can do.”
Asset Advantage has provided business finance to SMEs for nearly two decades, offering asset finance through hire purchase and finance lease.
Funding of up to £500,000 is available for purposes including the purchase of equipment, machinery and technology, as well as commercial refurbishments and fit-outs.
