Complete your high school education. This is the minimum educational requirement to become a loan consultant. You should have aptitudes in mathematics, economics and communication skills.
Get a degree in business, business administration, finance, accounting or economics, if you want to advance on the loan consultant career path. Managing positions and small business loan consultant positions with small firms will most likely require a college degree.
Get applicable experience, if you do not want to get a degree in higher education. Working in a bank, in sales or for another financial service for a number of years will also increase your chances of employment as a loan consultant and increase your salary or commissions. In your studies or experience you must learn to analyze financial statements and study the loan market. You also need to develop the critical thinking skills that allow you to analyze a business's needs and choose the best options from the loan market. Then, you should be able to sell the option to both the financial institution and the client. If you do not have these skills, you should return to school or work to get them.
Choose a specialization. After learning the basics of financial loans, you will need to choose between personal, mortgage and commercial loans. To become a small business loan officer, you will need to be a commercial loan consultant, because you will be helping businesses to apply for loans for equipment, inventory or start up capital.
Apply for an entry-level position that includes training in small business loan consulting. The Department of Labor Statistics reports that 9 out of 10 loan officers work for banks, credit unions or larger financial consulting firms. If you are starting out in the business, you can apply for a low-level position and work your way up by hitting loan goals, after you receive your training. Be prepared to be paid according to commission. Even if you work in a financial institution, you will most likely be paid a lower base rate salary, and then receive a high commission if you meet your loan targets. Independent loan consultants may find that there are slow periods, until they have cornered a good percentage of the local market. If you want to work from home as a freelance small business loan consultant, then you may want to consider taking a course in loan consultancy from an online course or a local lifelong learning class. You can also choose to apply for an internship at a local financial institution in order to get acquainted with this business, and build business contacts. If you are striking out on your own, you will still need to contact financial institutions to inquire about loans and rates.
Mentor a successful small business loan officer. If you have been employed by a financial company, they usually provide mentors before you take on the position of Loan Consultant or Loan Officer. If you are starting independently, you may want to arrange a mentorship through contacts, in a location that is not in direct competition with you, so the mentor will be willing to share their best practices and advice.
Seek a certification or license if they are available. Although this mainly applies to mortgage loan officers, some states require you to pass a test and obtain learning credits to do business as a financial consultant. Check with your Secretary of State.
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. Network with loan officers and consultants in your city. This is especially important if you want to go into business as an independent small business consultant. To be successful, you must know loan officers at all the major banks, investment firms and credit unions. Go to financial conferences, classes and functions to develop contacts. Create a professional website and printed materials, if you are an independent consultant. Even if you work from home, most people judge professionalism by appearance. 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 be a self-employed consultant. Get in touch with the Small Business Administration to make sure you are listed on their site. Also, do newspaper, radio, magazine, billboard or television advertising, according to what you think will be most effective. Hold free small business training courses to educate people and develop a new client base.
Stay constantly updated on the loan market. Financial markets change constantly, so you should be listening to financial news, reading a financial newspaper and checking in at local banks to see what is available and new for your clients.
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