Many of you attended the National Association of Commercial Finance Brokers Commercial Finance Expo in Birmingham in late June. A sizeable number have also attended one of the NACFB-run compliance services seminars this summer, so will be familiar with the Association at the very least. But apart from hosting the only show in the UK dedicated to the business finance community and holding workshops, what happens behind the scenes?
Since January 2013 I’ve sat on the nine-strong NACFB board as their PR, Marketing and Brand Director, so can shed some light on one aspect. The Association does some great work and is working to raise the profile of commercial finance brokers who tend to be under-represented in the marketplace. It was this inequality that compelled me to join as I wanted to change the status quo and ensure these brokers benefit from the same level of recognition as those working in the residential sector. My intermediary-focused business specialises in commercial mortgages, short term loans, buy-to-lets, secured loans and development funding, so it makes perfect sense for me to have responsibility for the market I trade in.
In addition to the board, the NACFB also has a compliance committee, which I am part of. There have been, and still are, huge regulatory changes in the market, what with the MMR and the transfer of consumer credit regulation from the OFT to the FCA. It’s been a busy time as we keep abreast of the changes and ensure members are kept informed; the nine compliance services seminars being held around the country are part of this.
My role’s objective is to raise awareness of the Association. In order for the NACFB to gain greater recognition amongst SMEs as the organisation to contact for support and advice, we first conducted a survey. It revealed that brokers estimate only 6 percent of SMEs realise what loans are available beyond the high street banks. Our response was to launch the website findSMEfinance.co.uk which, as the name suggests, helps SMEs struggling to find finance by connecting them with an independent broker who will source the right lender for their needs. This also enables brokers to convert business off the back of it. The campaign launch was really exciting, particularly as we secured a multitude of coverage in the national press, radio, TV and regional media.
Campaigns help to create awareness, but maintaining that level of visibility is equally important. The NACFB offers its members everything from support and guidance to education and training, and by raising the Association’s profile, we can increase people’s knowledge of its work. Many sole traders and small companies don’t have the infrastructure or support that larger businesses do, so we need to let them know NACFB brokers are there to help. The end goal is to make sure the NACFB and findSMEfinance.co.uk are widely known and used.
I’m halfway through the first year of my two-year term as a full director (after being co-opted for the first year to allow me to familiarise myself with the work of the NACFB board) and relish the continued challenge to communicate the work of what is a valuable organisation.
