Basic Knowledge
The name of our CEO?
Tim Chen
The client tells you that they'd like to check their options with their bank first
"I think that's a great idea... Checking with your bank is a good step, but it's also a really good idea to compare options... we don't have any fees for our applications and no hard credit pulls, it's costs you nothing to compare"
What does SFDC stand for
SalesForceDotCom
Small businesses employe nearly ______ of the American workforce
What we have to do when matched with an opportunity...
Claim and call within 5 minutes!
There are typically around _____ lenders that we work with
25
You ask the client when they want/need the money and they say "no rush".... what's your response
"Gotcha, our process moves pretty fast, it's why we're rated so high on the BBB.... if we can get you funds in the next 24-48 hours, would you be able to make a decision on that?"
Treehouse
TWO PART QUESTION:
The business owner fills in a ____ page application online, which makes them _________
10
Serious
We live in the __________ between ________ and __________ selling
intersection, transactional, consultative
What does PII stand for?
Personally Identifiable Information
a 55 year old is on the phone with you and their personal credit is very healthy and established....They tell you that they got approved for a 500K mortgage, and they're confused (and a little frustrated) why they only got approved for a 40K business loan. Why are they confused? What would we say to them?
Their personal credit is very established but their business credit is being looked at by the bank as if they're kind of like an 18 year old kid again. It's not a bad thing, it's just where they are in their business
What is the name of the awesome app we use for scripts? Name 3 things you can do/find in it!
Challenger's Friend (Q Call Scripts, Calls Worth Hearing, Loan Comparison Calc, Pipeline Mastery, Self Development Center, Text Templates etc.)
This is the most common reason for wanting/needing funds on people's applications
Working Capital
What's the golden rule?
Business credit is just as important as personal credit... and you should always have a safety net (a business credit line)
Unlike mortgages, nearly all of our loans are not ____________. But, there is one loan that is, the __________ loan
collateralized, equipment
Business owner: "I really want to know your APR/Interest rates before I move forward"
"totally hear you.... question for you.... have you ever taken a business loan before? Are you familiar with simple interest or factor rates?"
You do a Q call, you spend about 2 minutes with the client, but they have to go pick up their kids. They ask that you call them back tomorrow morning. What stage does that opportunity go to?
Outreach
The business owner typically thinks of _________, _________ and ______________when they think about lending?
mortgages, auto, credit card
There are two outcomes to every q call... Outcome 1 is.... and Outcome 2 is...
Outcome 1: We take the application! You qualify and we discuss your loan options
Outcome 2: Or, we take your application, you don’t qualify and help you understand what to course correct, so we can continue to work with you in the future
THERE IS NO THIRD OUTCOME
What are the names of the 3 calls in our sales process?How long should the first call last? Why?
How long should the second call last? Why?
Q, align, Pitch/Close
15 minutes with the first 10 for discovery and the next 5 to help them collect documents
as long as it takes
Finish this statement:
"I'll keep this brief… the reason I'm calling is because"
you had worked with us in the past, and last time you applied you were looking for [dollar amount] for the purpose of [use of proceeds]....
And… We've been reaching back out to people in the [industry] field because we have a good amount of lenders who specialize in this industry… Is your business in a place where… having access to additional funding would make a positive impact for you?
You have 25 seconds to find the opportunity of the person sitting to your right, send them the credit authorization link, and read the first line in the script after sending the link
Let's go
Name all 6 loan types
STL, MCA, Line of Credit, SBA, Equipment Loan, Mid Term Loan
What are the 3 lessons of "Every Sale Is the Same"?
Every one of our clients falls into two mindsets:
Desire for growth
Fear of loss
Every client needs to get to (or as close to) a 10 on:
The company
The product
You
You’re two “no’s” away from a “yes”