9 Steps How To Become A Small Business Loan Advisor

(doylc.com) How To Become A Small Business Loan Advisor (Consultant) - A credit officer, sometimes known as a loan officer, works at a financial institution or private company and makes loans to businesses or individuals. A small business loan officer tries to find the most comfortable loan terms for their client and often reviews a number of options before finding the best options. A commercial loan officer can also be self-employed and market themselves to local small businesses with financing needs. To be successful in this highly competitive job, a small business loan officer must be able to understand finance, solve problems, and present options to clients. Read more to find out how you can become a small business loan advisor.

Steps by Steps :

1.Complete your high school education. This is the minimum educational requirement to become a credit counselor. You should have mathematical, economic and communication skills.

2. Earn a degree in business administration, business administration, finance, accounting, or economics if you want to advance in the credit counselor career path. Executive positions and small business loan advisor positions at small businesses will most likely require a college degree.

3. Gain relevant experience if you are not pursuing a college degree. Working for several years in a bank, in sales or another financial services company also increases your chances of being hired as a credit counselor and increases your salary or commissions.

In your degree or experience, you must learn to analyze financial statements and study the credit market. You must also develop the critical thinking skills that will allow you to analyze a company's needs and select the best options in the credit market. Then you should be able to sell the option to both the financial institution and the customer. If you don't have these skills, you should return to school or work to acquire them.

4. Choose a specialization. After you learn the basics of financial lending, you'll need to choose between personal, mortgage, and business lending. To become a small business loan officer, you must be a commercial loan officer as you will help businesses apply for equipment, inventory, or seed capital loans.

5. Apply for an entry-level position that includes training in small business credit counseling. The Department of Labor Statistics reports that 9 out of 10 loan officers work for banks, credit unions, or larger financial advisory firms. When you get into the business, you can apply for a menial post after your education and work your way up by meeting credit goals.

Prepare to get paid on commission. Even if you work in a financial institution, you will most likely get a lower base salary and then a large commission if you meet your credit goals. Independent credit advisors may find that there are slow phases until they have cornered a good percentage of the local market.

If you are looking to work from home as a freelance small business loan counselor, you should consider taking a course in loan counseling from an online course or a local lifelong learning course. You can also apply for an internship at a local financial institution to learn about this business and build business contacts. If you are self-employed, you will still need to contact financial institutions to inquire about loans and interest rates.

6. Mentor to a successful small business loan officer. If you were employed by a financial company, they usually provide mentors before you take on the position of loan officer or loan officer. If you're starting out on your own, you might want to arrange mentorship through contacts in a place that isn't in direct competition with you, so the mentor is willing to share their best practices and advice.

7. Look for a certification or license if available. Although this applies primarily to mortgage loan officers, some states require you to pass a test and earn study credits to practice as a financial advisor. Check with your foreign minister.

8. Market yourself. A small business loan consultant must appear professional and legitimate at all times. The following are ways that you should approach marketing for this position:

Dress professionally at all times when you are, or might be, doing business. In most locales, this means "business formal" attire, in a suit and tie. In other, more relaxed locations, this may mean "business casual," where slacks, skirts, button-down shirts and sport coats will do. When going into a meeting or a new job, always err on the side of formal rather than casual.

Connect with loan officers and advisors in your city. This is especially important if you are looking to get into business as an independent small business consultant. To be successful, you need to know the loan officers at all major banks, securities firms, and credit unions. Go to financial conferences, courses and events to connect.

Create a professional website and printed materials if you are an Independent Consultant. Even if you work from home, most people judge professionalism by looks. They will do their research before hiring you, which usually starts with a look at your website.

Invest in a marketing campaign if you plan to become a freelance consultant. Contact the Small Business Administration to make sure you're listed on their website. Also, do newspaper, radio, magazine, billboard, or television advertising, whichever you think is most effective. Host free small business training to train people and grow a new customer base.

9. Stay up-to-date on the credit market. Financial markets are always changing, so be sure to listen to financial news, read a financial newspaper and check with local banks to see what's available and new for your customers.