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Business loans are a very important industry that are going to be around for some significant time to come. Loan organizations need sales representatives, and sales representatives need business loan broker training. However, it must be known that business loan broker training is not your ordinary sales gig; it requires a bit more mathematical analysis and some intense networking skills.
Before you decide to take on any business loan broker training, you should first try to understand if the industry is right for you. Business loan brokers tend to be extroverts that excel in verbal intelligence, patience, tenacity, stability and practicality, and, at the same time, are comfortable with the idea of working with number crunching. This does put a peculiar demand on business loan brokers, because mathematical reasoning typically does not correspond very well with verbal and interpersonal skills.
You also should want to consider what level of education you are going to want. Most business loan brokers have a four year degree, and are best served with educations in business, psychology, communications, or other interpersonal skills.
Training depends entirely on the requirements set by your state. Some states require more extensive training than others. For some, becoming a loan officer is the same as being a mortgage broker; in others, it is more rigidly regulated. Be aware of what you have to put into the program in order to establish yourself. Set yourself up with a loan broker training program, take the course, and pass the test. You are going to need at least a 75% or better to become certified.
Now, you are also going to want to be well-networked. It is absolutely essential to have a strong network of people established in the field that are willing to help you learn the ropes and operate within the industry. You may even want to consider an internship at a brokerage once you have gotten your certification; internships are an excellent way to get a foot in the door of the industry.
While business loan broker training can lead to a very challenging career, it can also lead to a very fulfilling one. Many business loan brokers make six figures within a few years of their first deal. It could very well be your golden opportunity.
