“We are encouraged by our increasing sign up momentum yet remain highly focused on our plan to rapidly reach more and more brokers to help them get through this financially. They have financial needs to fulfill, and families to feed.”
ROCHESTER, N.H. (PRWEB) May 21, 2020
Equipment Broker School sign ups surged more than 200% the past 2 months (April & May) in comparison to the previous 2 months (February & March).
Equipment Broker School said in a press release that when the company was created, “This new venture centers around one of Everlasting Capital’s core values of continuous improvement. Improving ability to learn more and retain information is imperative for the industry. For us to compete and provide world-class service to our customers, we recognize creating an online course is the singular best action we could take in helping others become the ultimate professionals and experts in their role.”
Most of the Cash Advance Brokers across the country have shifted to working from home, or limited office capacity, as funders and lenders have cut back or completely stopped lending. Some brokers have needed to spend their time focusing on other programs trying to find any way to get commissions. However, many of those programs have turned into wasted time. While the Equipment Finance & Leasing market has not slowed down since the beginning of this crisis.
Other brokers are using the extra time they are spending at home or in the office to learn the Equipment Finance Industry.
“Equipment Broker School’s diversification model is uniquely suited to serving financial brokers very real needs at this challenging time,” Co-Founder Josh Feinberg said. “We are encouraged by our increasing sign up momentum yet remain highly focused on our plan to rapidly reach more and more brokers to help them get through this financially. They have financial needs to fulfill, and families to feed.”
Equipment Broker School expects the demand for this training platform to increase month over month, as it is becoming more evident that cash advance funders and lenders will not be coming back any time soon.
The company added that it is “accelerating” efforts to create a partner program with the potential of expanding the Everlasting Capital brand, without going into too much detail. They will provide an update on those strategies in the next 30-60 days.
The issue for Cash Advance Brokers has long been, how long until the bubble bursts. The industry has been criticized, among other things, for charging too much for the funds. Also has been criticized for the type of documents the funders have used to gain back defaulted funds.
“The fact that Equipment Broker School is seeing an increase in sign ups makes sense,” said Will Murphy, Co-Founder of Equipment Broker School. “Equipment Broker School had told brokers to prepare for the worst and add a new lending product like Equipment Finance, while Cash Advance Brokers didn’t take the advice, we are seeing them change their mind.”
Prior to COVID-19 striking, only about 5% of Cash Advance Brokers offer Equipment Finance & Leasing. Murphy said. “We expect that will increase to at least 15-20% by the end of this”
But at the same time there will be another 20% that will try to make the switch without training, and the lenders will not accept their business.
“Of course, to the extent that the pandemic is a short-lived phenomenon, when brokers understand what has happened, that will bring that 15-20% of the brokers back in business, while the others will be left with no options” Murphy cautioned.
The test for brokers will be trying to maintain new customers and enticing them to finance more without racking up too many expenses that prevent the company from reaching profitability.
Equipment Broker School said it has introduced Webinars, industry veterans from Direct Lenders share what is going on within their firms and the industry.
Even with businesses opening, the only thing that has saved their other entity Everlasting Capital, is Equipment Finance.
To learn more about Equipment Broker School please visit http://www.equipmentbrokerschool.com