CFI: NACFB
Letting SME UK know about the broker community
Over the past few months the association has began to take part in more and more events to promote the use of com- mercial fi nance brokers by SMEs. There has been some easing of credit criteria for funding commercial fi nance applications by the main lenders, but at a cost where the application stage can be- come an arduous process. With this in mind, Adam
Tyler, CEO of NACFB, has taken part in various events to highlight the wider range of lenders and funders that may not be known to many SMEs. With the SME market being an integral part of the UK’s recovery it is vital that these small and medium sized busi- nesses are aware of alternative funding options that exist. To get the association’s message of funding for SMEs across Tyler will be attending various events aimed at SMEs
and the crisis in funding. The latest round begins with an invite from the British Sand- wich Association to present to their members at the Lunch Show in Central London in September. In October Tyler will take
part in the Business South West Show and will be heading a seminar entitled “When the banks say no, where do you go?” In a similar vein, he will also be taking part in the Business Start Up Show in London taking place at Earls Court on the 17th and 18th November plus addressing the Institute of Bookkeepers at their annual conference in Novem- ber.
The increasing attendance
by the NACFB at events aimed at SMEs is a great way of underlining the benefi ts of using a professional commer- cial fi nance broker to secure
“The increasing atten- dance by the NACFB at events aimed at SMEs is a great way of un- derlining the benefi ts of using a professional commercial fi nance broker to secure fund- ing from other funders fi lling the void in the commercial market”
funding from other funders fi lling the void in the com- mercial market. These events go hand in
hand with the work that the NACFB has undertaken to ensure that the funding problems that the SMEs in the UK are experiencing remains in the spotlight. In addition to an increased
NACFB’s Adam Tyler
presence at events aimed at SMEs, Tyler has also met frequently with government ministers and trade associa- tions representing SMEs in the UK. The attendance of the NACFB at all three party conferences at forums alongside small business owners, MPs and other trade bodies helped to reinforce the opportunities offered by the commercial broker community.
Advanced fee fraud worries continue to rise
Worryingly, the NACFB has recently noted an increase in phone calls to the offi ce re- porting advance fee fraud by non members. This activity is something that the associa- tion has campaigned to raise the awareness of in the mar- ket and was a major reason the association was estab- lished. The dearth of lending in 2008 from mainstream lend-
ers has unfortunately led to an increasing numbers of op- portunistic brokers looking to take advantage of the situa- tion by asking for large fees to look at a case with little or no intention of accessing the funding. Adam Tyler, CEO of
NACFB, said: “Unfortunately, the problem of advance front fee fraud does not seem to be disappearing any time soon
and with the problem that cli- ents are experiencing in se- curing funding, some brokers will look to take advantage of the situation. It also seems to be the same names that are mentioned and it is frustrat- ing that despite our efforts with the NACFB fraud intel- ligence committee and the passing of our information on to a governmental organisa- tions set up to tackle fraud,
little seems to be being done quickly enough against those involved. “We would advise anybody looking to secure fi nance to use an NACFB broker where there is some form of re- course should the outcome not be as expected. Our mem- bers will charge an appraisal fee, but it is within set guide lines and wholly acceptable to all parties involved.”
54 MORTGAGE INTRODUCER OCTOBER 2011
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