Use This Script to Talk to a Business Loan Broker
A reputable loan broker will drive the call with questions about your business and funding needs. You should come prepared with your business info and questions of your own.
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This script was developed with input from a Fundera by NerdWallet funding specialist.
If you’re in search of a small-business loan, then you may find yourself in contact with a business loan broker. Loan brokers, sometimes called funding advisors, don’t themselves lend you money but rather do a lot of the research and work to help you find the right financing fit for your needs.
This script is designed to help you through the initial conversation with a business loan broker, which typically covers basic information about your business, the amount of funding you’re looking for and how you plan to use it.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Preparing for the call
Before you get on a call with a broker, get clear about the loan amount you are truly comfortable with. You can think about that in one of two ways:
What loan payments are you able to make and at what frequency (daily, weekly or monthly)?
or
How much are you comfortable repaying for the loan in total? For example, are you comfortable paying up to $150,000 total on a $100,000 loan?
Find your loan comfort zone
The advisor is likely to ask you a number of questions related to your business and the loan you’re looking for. You can help the process move along faster if you come prepared to the first call with this information.
Your script for getting a small-business loan through a loan broker
Here’s a sample script for your first call with a business loan broker after you’ve filled out an online form. Watch our video to see how the call with a loan broker could go.
Introductions
Broker: “Hi, is this [Your Name]?
You: “Hello, yes it is.”
Broker: “Hi, this is [Broker’s Name], giving you a call from [Brokerage Name]. Is now a good time to chat for a few minutes about your business and the loan you’re hoping to get?
You: “Sure, now is a good time for me.”
Broker: “Great! So, I received your online inquiry for [Your Business Name]. What I’d love to do now is get to know a bit more about you and your business to determine if we’re a good fit for your needs.”
You: “Sounds good.”
Information gathering
The advisor will take the lead here to ask a number of questions about your business. It will be useful to have the information and documents listed above handy for you to reference.
A: “First, can you tell me a bit about what your business does?”
You: “Yes, so I’ve been running [Your Business Name] since [Year of Opening]. We operate in the [Industry] sector, [Explanation of Your Business/Goods or Services Provided].
A: “Ok, great. That’s very helpful, thank you. And I can see from the online form you filled in that you’re hoping for a loan in the amount of [Loan Amount]. What are you planning to do with the funds?”
You: “Yes, that’s correct. I’m planning to [Use of Funds, e.g., expand, purchase equipment, consolidate debt.]”
Note: You can mention multiple uses if applicable to your situation.
A: “Got it. And is there a specific dollar amount you’re looking for to accomplish [Use of Funds]?”
You: “Yes, I really need at least [Minimum Amount] to cover it, but I think ideally I’d be looking for [Maximum Amount].”
A: “Great, that makes sense. I’ve noted that here for the lenders. And do you have any current debts you’re paying off?”
You: “Yes, at the moment I have an outstanding credit card bill for [Card Balance]. I also have a previous loan I took out a couple of years ago for [Use of Funds], and I have [Loan Balance] left to pay off on that.”
A: “Thank you for that info. The last main question I have at this point is how soon you need the loan.”
You: “I need the funds [Desired Funding Timeline, e.g. in the next couple of days, by next week, by the end of the month].”
A: “Ok, got it.”
Ask your questions
Once you’ve answered the advisor’s questions, you should take the opportunity to ask any questions that haven’t already been addressed. It’s a good idea to come prepared to this call with your questions already in mind.
While you may be tempted to ask about business loan interest rates, we’d recommend saving that discussion for the next call, once the advisor has gotten offers from lenders. Any reputable funding advisor won’t be able to quote you accurate interest rates at this stage. If a broker does mention specific rates early on in the process, be wary of proceeding (see our list of red flags below).
You: “How long do you think this might take? I really need the money by [Funding Deadline].”
A: “Good to know. The process can move pretty quickly on my end once you’ve uploaded your last three months of bank statements and verified a few bits of information for me, like your EIN, time in business and the business address.”
You: “Ok, thanks. And how will you be checking my credit? Do you do a hard pull or a soft pull?”
A: “We run a [Inquiry Type] credit check. Are there any other questions I can answer for you at this point?”
Note: A hard credit pull, or inquiry, will temporarily affect your credit score, potentially knocking it down by a few points. A soft pull, however, won’t affect your score.
If a broker says they run a hard pull themselves before you’ve chosen a lender — who will most likely run a hard inquiry once you submit your application — it’s worth pausing before moving forward with that broker. You can have this first conversation with a few different brokers before deciding which one to move forward with.
Don’t feel pressured to move faster than you’re comfortable with.
You: “Yes, I’d just like to know what the next steps are. Should I expect to hear from you again?”
A: “Of course, great question! Once you’ve sent through your bank statements, I’m going to take these details to my network of lenders and see what they come back with. I’ll usually get responses within 24 hours. I’ll call you once I have some preliminary offers to discuss with you. We’ll talk through those and decide which lender you’d like to move forward with to get a final offer from. You can expect to hear from me in the next day or two.”
You: “Ok, that sounds good. Thank you.”
A: “Thanks very much for your time today, and I’ll be in touch again soon.”
How to tell if a broker may not have your best interest in mind
Not every funding advisor is going to be looking out for you. Some business loan brokers try to take advantage of business owners in desperate financial situations. Here are some red flags you may encounter with a not-so-reputable loan broker.
🚩You receive multiple calls from multiple different brokers from a single application.
🚩The broker offers too much information for you too quickly, for example, quoting interest rates before you’ve even submitted an application or any sort of financial documentation.
🚩The broker promises you a specific loan amount before you’ve completed the application and underwriting processes.
🚩The broker quotes you a loan amount that’s more than 10% of your total annual revenue. (There may be exceptions to this depending on the strength of your application and depth of financial details you provide to the lender.)
If you hear any of these red flags on your first call with the broker, proceed cautiously. Don’t divulge much information on the first call (you can ask them to give you a call back later to end the call quickly but politely), research reviews of the brokerage and consider working with another broker instead.
Congratulations! You’ve completed an initial call with your funding advisor, and because you came prepared to the conversation, the advisor can now take your info to the lenders and find you the best loan option for your small-business funding needs. You can expect to have another call or two with your broker.
The next call will likely be to walk you through the loan offers that come back based on your funding needs, credit history and business financials. Your broker should present your options and counsel you on which one is the best fit for you. Don’t be afraid to ask questions and let your broker know of any concerns you may have before they go back to your preferred lender for a final offer.
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