A business loan broker is just like any other broker you can think of. Whereas a real estate broker connects you with real estate, a business loan broker connects you with small business commercial and SBA loans. A business loan broker will package your business information and present your request to small business lenders—for a price, of course.
If you choose to accept a loan offer that a business loan broker finds for you, you’ll either pay them directly for their services, or that fee will be included in the closing costs of your business loan. Some business loan brokers will charge you only if you successfully secured the loan. Others will charge you even if you don’t get the loan, just for their services.
If you take in those opportunity costs to searching for a business loan on your own, going through a loan broker could save you time, energy, and headaches