Free tool helps brokers service self-employed borrowers
Non-bank lender RedZed has launched a new interactive digital education program designed to help brokers better serve self-employed borrowers.
Available to RedZed’s 5,000 accredited brokers, the free program was produced in response to feedback from brokers looking to better understand the needs of the self-employed market.
RedZed chief sales and marketing officer Loralle Slater (pictured above) described the Self-Employed Broker Academy as a user-friendly program developed to suit all brokers, regardless of their experience or business size.
“We want to enhance the knowledge and capabilities of brokers currently working with self-employed clients, but also empower those yet to diversify into self-employed lending with the confidence and skills to do so,” Slater said.
“Our 2022 Self-Employed Business Index found that just 16% of self-employed and small business owners believe it’s easy to secure a loan, while one in five that have applied for a loan through a bank were rejected.
“Through the academy, we hope that brokers will be in a stronger position to consider the opportunities that a specialist lender can unlock.
“We are confident that this thoughtfully curated course will drive business growth for our broker partners while also improving customer experiences, in a real win-win for brokers and their self-employed clients.”
Features of RedZed’s Self-Employed Broker Academy
The academy includes five ‘eLearn’ video modules looking at various aspects of self-employed lending including:
- the self-employed market and what makes business owners valuable customers
- appropriate funding options for each stage of the business lifecycle
- understanding business financial statements and income verification methods
- identifying and mitigating loan application red flags, and;
- methods for attracting new customers and expanding referral networks.
Each module includes a five to 10 minute e-learn component followed by a deep dive which goes into further detail via case studies, scenarios, exercises and infographics. Overall, each module takes 50 minutes to an hour to complete.
Slater said the modules would help determine where the client was at in their business’ lifecycle.
“Whether their business is at a growth stage or maturity for example, will impact the finance solutions they are looking for, so it’s key for their broker to understand this so they can make the right recommendation.
“Unlike PAYG borrowers there are also many different products that will meet the needs of a self-employed person from commercial loans to asset finance to overdrafts and invoice financing among others.”
The digital academy’s launch follows an in-person academy session held in 2022, with feedback from the event informing the content.
Broker feedback drives program
MoneyQuest Cheltenham & Beaumaris mortgage broker Marcus Lowe attended the in-person session and said he was looking forward to further developing his understanding of the nuances of the self-employed.
“Given how many valuable insights that session provided me on things like reviewing business financials and holistic ways to understand a business’ financial position, I’m eager to dive into RedZed’s new digital program,” Lowe said.
“Having the self-employed string to my bow has been invaluable, but it’s an area of my service offering that requires ongoing attention and training.
“I have no doubt that RedZed’s Self-Employed Broker Academy will take my SME finance skills to the next level and further streamline the loan process for my self-employed clients.”
The academy can be accessed via RedZed’s new broker portal, Introducer Connect.
“The self-employed market is typically underserved, and we would love to see more brokers feel empowered to diversify into self-employed lending – we hope that the broker academy can help break down some of those barriers,” Slater said.
Slater, a founding member of RedZed, was appointed to her current role in July this year ahead of the company appointing Calvin Cordle as its new managing director.
Cordle, who took up the role on Wednesday, August 16, has worked in financial services for more than 20 years.
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