5 Proven Strategies to Get Business Loan Leads: Free & Paid – Phonexa Canada

This article is a part of our all-encompassing financial lead generation series. In this guide, we examine effective paid and cost-free methods for generating business loan leads.

Exploring the realm of business loans mirrors navigating a landscape of diverse opportunities. The dynamics of business financing and funding continually underscore the vital role it plays in propelling enterprises forward. Did you know that in the latter half of 2022, London stood out as the foremost UK mainland region for small and medium-sized enterprises, securing an impressive total of £22.8 billion in loans and overdrafts?

Business loans often serve as life jackets for companies, helping to get through difficult times or expand a project. Acknowledging this vital role sheds light on the pressing need to enhance the generation of business loan leads.

We know that most lenders operate online, and the challenge lies in finding potential clients, and preferably free of charge. In this report, we will explore effective tips for generating free business loan leads.

A Few Facts About Business Loans

The most recent statistics on UK business lending anticipate that gross lending to UK businesses will hit a projected £496 billion by 2023.

Entrepreneurs understand the importance of financing for business success. Obtaining a loan is just the beginning — the timely utilization of funds is equally vital. According to a Forbes Advisor survey, the majority of business owners spent their recent loan funds within six months.

Source: Forbes

There are various types of business loans available, and each serves different business needs, from short-term cash flow issues to long-term investments. The most popular choices include:

Lines of credit	Access to funds up to a certain limit, where the business borrows and pays back money, paying interest only on the borrowed amount.
Term loans	Loans for a certain amount and term, repaid in regular payments.
SBA loans	Backed by the Small Business Administration, these loans offer favorable terms for businesses that might not qualify for traditional loans.
Invoice financing	Advances on unpaid invoices to improve cash flow.
Equipment financing	Loans for purchasing equipment or machinery.

Small and medium-sized businesses often seek these loans for such primary goals:

• Expand operations
• Manage cash flow fluctuations
• Invest in technology or equipment
• Hire additional staff
• Navigate unexpected expenses

Looking to generate organic small business loan leads? This will require an understanding of financial needs, strong marketing strategies, compliance with regulations, and the ability to build trusting relationships. And also consider 5 tactics for generating business leads for free.

How To Generate Business Loan Leads: 5 Key Steps

Here are five proven tips that lenders can implement to obtain free business loan leads:

Digital Marketing as a Channel of Free Business Loan Leads

Strong online presence is the key — you need to invest in online brand visibility to make the cut. Plus, research by Harvard Business School suggests that small or medium businesses seeking loans often explore online resources first.

As a generation tool to get free leads online, digital marketing consists of several parts:

• Keyword research & optimization: Identify relevant terms and phrases potential borrowers use when they surf the internet in search of loans. Integrate them on blog posts, landing pages, and other website content.
• Quality content-making: Providing guides for small businesses, creating financial infographics, and showcasing case studies on loans — all this establishes authority in the industry and increases conversion.
• On-page SEO marketing: At this stage, it’s all about fine-tuning the elements you see on a webpage — catchy titles, helpful descriptions, headers that stand out, internal links, etc. The goal? To climb up those search engine rankings without paying for it.

Social Media Marketing for Paid and Free Business Loan Leads

The frequency of social media usage among Americans is significant, with around seven out of ten Facebook users, and six out of ten Instagram users, visiting these platforms at least once every day.

Source: Pew Research Center

To get free business loan leads, engage with potential clients on platforms where they are most active.

Social media marketing is integral for businesses of all sizes today. With more than 4.9 billion global users, it’s crucial to engage with potential customers on Instagram or Facebook to solidify your company’s brand and influence in the digital landscape.

So, what is essential to do with social networks to get real-time business loan leads?

1. Consistent blogging: Publish informative blog posts about loan-related topics for small and medium-sized businesses to increase website traffic.
2. Active publishing: If you maintain a page on a popular platform, it is vital to share encouraging posts, write comments, and participate in online discussions on business loans to get leads free.
3. Educating clients: Providing instructional resources like webinars, E-books, or guides on business loans helps generate free leads.

Here are several video examples of business loan specialists utilizing TikTok:

How to get your commercial loan leads for free:

@themrspedersen How to get leads for your business for free!! #marketingstrategy #leadgeneration #businessmarketing ♬ original sound – Rachel Pedersen | Social Media

The benefits of business funding:

@businesscreditdevyn Cats out the bag. Those Business loans and business funding (if you’re smart) should go towards investments…..start using your business for more than sales #businessfundingtips #businessfunding #businesscredit101 #businessowners #businesscredittips #smallbusinesstips #fundingyourbusiness #businesstok #entrepreneurtok ♬ original sound – Devyn

Lead Management Software to Obtain and Sell Quality Business Finance Leads

An automated lead management system is undoubtedly a valuable tool for making the most of the generated business finance leads.

Take Phonexa’s LMS Sync, for instance, — an incredibly versatile lead management software. It’s designed to track potential clients, reignite engagement with inactive users, and fine-tune your acquisition strategies. The best part? It’s a time and effort saver, allowing you to focus more on growing your business.

Here are some ways you can enhance business finance leads generation efforts with proper software:

Customer Relationship Management (CRM) software	CRM systems help manage customer interactions and keep tabs on business loan leads. CRM platforms for loan officers go the extra mile by simplifying communication channels, monitoring the progress of loan applications, and even automating those all-important follow-ups.
Marketing automation tools	You can personalize communications based on a customer’s interest, such as term loans or invoice financing, with software that schedules emails, social media posts, and targeted advertising.
Loan Origination Software (LOS)	LOS streamlines the loan application process, from initial application to approval. It makes handling paperwork easier, checks applicant details, and speeds up decisions.
Chatbots and AI assistants	Lenders may implement AI-powered chatbots on websites to engage business loan leads, answer queries, and pre-qualify leads in real-time.
Compliance and security software	Ensuring compliance in finance is key; use software that not only meets industry standards but also safeguards against fraud and unsecured business loan leads.

Email Marketing for High-Quality Commercial Loan Leads

Drawing from analytics and client feedback, it’s clear that email campaigns stand out as an effective means to generate pre-qualified business loan leads.

Here’s a step-by-step approach for lenders:

1. Build a targeted email list. Compile a list of contacts interested in business loans. These could be prospects who have shown interest, previous customers, etc.
2. Craft top content. Share success stories, industry insights, various loan options, or educational materials about the loan application process via email.
3. Personalize emails. Use segmentation to personalize emails based on industry, business size, or specific business loan needs.
4. Use CTAs. Include clear and enticing CTAs that encourage recipients to take action, such as applying for a consultation or downloading a loan guide.
5. Ensure responsive design. Ensure emails are mobile-friendly and visually appealing across different devices to increase views and readability.
6. Run A/B testing. Experiment with different subject lines, content formats, CTAs, and send times to identify what resonates best with your audience.
7. Automate follow-ups. Use automation to send follow-up emails based on recipient behavior. For instance, follow up with those who visited the loan application page but didn’t complete the form.

 

As per Social Media Today’s Marketing Automation Survey, 75% of businesses use marketing automation for lead generation, with 75% of them preferring it as the top channel for email campaigns.

Referral Networks to Make the Generation of Business Finance Leads a Breeze

When happy clients or partners spread the word, it’s gold for gathering loan leads. Building a solid referral program — a tried-and-true, budget-friendly approach — encourages current clients and industry connections to recommend potential leads, boosting your pool of prospects.

Additionally, your active participation in industry-specific events, trade shows, and networking opportunities proves instrumental in broadening an outreach. Lenders can collaborate with:

• Other businesses
• Associations
• Financial advisors
• Accountants

Obtain Paid & Free Business Loan Leads Without Breaking the Bank

When you’re hunting for free business loan leads, going at it from different angles is key. You need to strengthen your online presence, share valuable content, use referrals, and build lasting partnerships to increase the number of business leads you get as a lender. It’s all about aiming for steady growth and long-term success.

Take your business to the next level using 5 top tips for lenders and boost your marketing with Phonexa’s outstanding products.

Looking to supercharge your performance marketing? Explore Phonexa’s advanced software suite. Book an online consultation to discover how Phonexa can help your business reach new heights.

Frequently Asked Questions

Are these methods equally effective for all types of lenders?

While these tips are generally effective in getting free business leads, the degree of efficiency may vary based on the lender’s niche, target audience, and market positioning. Customization and adaptation to specific circumstances are recommended in this case.

Can these strategies be effective for smaller lending institutions or startups?

Yes. The strategies detailed in the article cater to businesses of all sizes, seeking to generate business loan leads. Tailoring these approaches to fit specific needs and resources can maximize effectiveness, regardless of the business scale.

How long does it typically take to see results from these strategies?

The timelines for generating commercial loans leads can vary. While some strategies like digital marketing, SEO, and social media promotion may take time to yield results, others, like referral programs, might generate leads more immediately. In this situation, consistency and patience are key.