Why You Should Choose A Funder That Takes The Time To Get To Know You 

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Business funding isn’t a one-size-fits-all approach. Every business has different lending needs based on various factors, including size and the industry it serves. 

While traditional banks have been regarded as a primary source of funding, the reality is that they are not always the most suitable option for small business loans.

Unique Funding Solutions Begins with Understanding 

Small businesses looking to grow need credit providers who take the time required to understand their needs and priorities. Many small business owners are bypassing traditional funding options to find alternative lenders who will go the extra mile by learning about their business. 

For banks or traditional lenders, it’s not worth their time to have a deep understanding of each business. This results in many businesses with significant growth potential being locked out of funding. 

When a funder takes the time to understand your business they’re investing in their ability to serve it better. Understanding the ins and outs allows them to develop unique solutions specific to you. 

Knowing Your Industry

By getting to know you and spending time getting to know your industry, a funder can provide access to appropriate funding solutions, expert advice, and increased chances of loan approval, all of which can enhance growth and stability. 

If a lender isn’t willing to understand your industry, they can't give you the best service because alternative lending is more than just providing a loan. It's about supporting business growth. It requires creative solutions which can only happen when you understand the industry. 

The added bonus is that there are no misunderstandings when your funder can 'speak the language' of your industry. You can get right to the innovative stuff. 

More Than Just Knowledge 

A good lender knows your industry but a great lender has experience serving your industry. 

They must have a proven track record of industry experience through good times and bad. After all, you have a greater need for support from your lender during challenging times. 

Co-founder of Geddes, Brent Geddes, has a long history of working in the agricultural industry and grew his pomegranate business into one of South Africa’s largest pomegranate production hubs. 

Brent has experienced the challenges that so many farmers and agricultural businesses face which is why Geddes knew how to provide innovative financing to a 5th generation farming family in The Northern Cape. Geddes was able to help them survive the drought and thrive when the rains fell. Geddes’ experience in this industry in the good times and bad meant they didn’t automatically turn them away because of the risk. They saw their growth potential and helped them reach for it. 

Context-Driven Advice is as Important as Funding 

There’s no doubt that business mentorship and advice are critical for growth. A small business survey found that businesses which have some sort of mentoring partnership with a finance provider or other expert adviser are far more successful than their rivals. 

A great funding partner isn't just someone who provides funding when you need it. They can also be a valuable source of advice and guidance. But to give context-driven advice, they need to understand the context of your business. This comes from a combination of understanding your business and knowing your industry. 

Conclusion 

When choosing a funding partner it’s important to view your lender as a business partner who you want to build a long-term relationship with. That’s why it’s essential to find a funder who takes the time to understand your context. This requires the right combination of understanding your business, knowing your industry, and understanding your goals and growth trajectory. To find out if Geddes is the right partner for you, get in touch here.

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