Treat the first call with a business loan broker as an interview where you are the one hiring. Send a one page summary before the call, ask twelve questions in a set order, and write down each answer next to what a good and a bad answer sound like. Thirty minutes is enough to know whether this broker should handle your file.
The list of what to ask lives in questions to ask a business loan broker. This guide is about how to run the call: what to send, the order that gets honest answers, and how to score what you hear.
Why the interview matters
The Federal Reserve's 2025 Small Business Credit Survey found that only 42% of financing applicants received the full amount they sought. Among those turned down at lenders, a common reason was that requirements were too strict for the business. A broker's job is to know those requirements before your file goes out. The interview is how you find out whether they do.
What to send before the call
Email a one page summary a day ahead. It lets the broker think about lenders before you talk, and it shows you who actually read it.
The one page summary
- Business name, state, industry and years in business
- Annual revenue and average monthly bank deposits
- Amount needed, what it is for and when you need it
- Existing debt, including any cash advances
- Owner credit range, such as 680 to 720
- Collateral available, if any
- Lenders you have already applied to this year
Keep statements, tax returns and IDs back until you have chosen. A professional broker will not ask for them before the call.
Example: "Coastal Landscape Co, Florida, 4 years. Revenue $1.1 million, average deposits $90,000 a month. Need a $60,000 working capital line by March 1 to cover spring payroll and materials. One equipment loan at $2,100 a month. Owner FICO around 700. No cash advances. Applied to our bank in January, declined for time in business at that branch."
How to run the thirty minutes
| Minutes | What happens | Your job |
|---|---|---|
| 0 to 10 | The broker asks about your business | Answer plainly, note what they ask |
| 10 to 25 | Your twelve questions, in order | Write answers word for word where you can |
| 25 to 30 | Next steps | Ask what they need and by when |
Let the broker lead the first ten minutes. A broker who pitches a product before asking about deposits, debt and purpose is guessing. A broker who asks sharp questions is already matching you to lenders.
The twelve questions, in order
The order matters. Fit first, because if they do not fit your deal the rest is wasted time. Money in the middle, once rapport is built. Process last, because by then you know whether you care.
| # | Question | Good answer | Bad answer |
|---|---|---|---|
| 1 | Did you get a chance to read my summary? | Refers to a detail in it | "Remind me what you need" |
| 2 | How many deals like mine did you fund this year? | A number and a recent example | "We do all kinds of deals" |
| 3 | Which product fits, and what else did you consider? | Weighs two options, explains the trade-off | Names one product, no reason |
| 4 | Which two or three lenders would you go to first, and why? | Names lenders or lender types with a reason | "We have over 100 lenders" |
| 5 | What will a lender see as the weak spot in my file? | Names it and how to handle it | "Your file looks perfect" |
| 6 | How are you paid on this deal? | Lender paid, or a dollar fee in writing | Avoids the question |
| 7 | Is anything due before I accept an offer? | No | A fee to "start the file" |
| 8 | Will the lender's disclosure show your compensation? | Yes, where required, and they will walk you through it | "That is between me and the lender" |
| 9 | Which lenders will pull my credit hard, and when? | Soft first, tells you before any hard pull | "Do not worry about that" |
| 10 | Will you tell me before sending my file to a new lender? | Yes, every time | "We send it everywhere to get the best deal" |
| 11 | Who handles my file day to day, and how fast do you reply? | A named person and a promise, such as same business day | "Whoever is free" |
| 12 | How long will I have to decide on an offer? | A few days | "These offers expire today" |
On question 8, the law is on your side in several states. Virginia's code, at section 6.2-2231, requires the provider to state whether it pays the broker directly and how much. On question 12, NerdWallet notes a few days is typical and that pressure to decide quickly is a reason to find another broker.
Reading between the lines
Some of the best signals are not answers at all.
- Did they push back on you? A broker who says "$60,000 is light for what you described, a $75,000 line gives you room for a slow April" is thinking about your business.
- Did they mention a credit box? A broker who says "OnDeck wants a year in business, $100,000 in revenue and a 625 FICO, so you clear it easily" knows the lender market. Those are OnDeck's published minimums.
- Did they set the next step? A clear "send me three months of statements by Thursday and I will come back with two options next Tuesday" is a broker with a process.
Score the call within the hour
Score each of the twelve answers 0, 1 or 2 while your notes are fresh. Move on from any broker who scores under 16 of 24. A 0 on question 7 or question 12 ends the conversation regardless of the total.
| Broker | Fit (Q1 to 5) | Money (Q6 to 8) | Process (Q9 to 12) | Total |
|---|---|---|---|---|
| Broker A | 9 of 10 | 6 of 6 | 7 of 8 | 22 |
| Broker B | 5 of 10 | 4 of 6 | 6 of 8 | 15 |
| Broker C | 8 of 10 | 0 on Q7 | not scored | Out |
The follow up email
Send the winner a short confirmation. It sets the terms of the relationship in writing.
Thanks for the call today. To confirm what we agreed: you will place my file for a $60,000 to $75,000 line of credit, you are paid by the lender and I owe nothing before I accept an offer, you will check with me before sending my file to any new lender, and you will tell me before any hard credit pull. I will send three months of statements by Thursday. Looking forward to your options next Tuesday.
Send the others a polite thank you. You may want them for a different deal later.
After the interview
Before you send documents, confirm the broker's standing on the register. Every entry carries a register number, a status and a last checked date. If you interviewed several brokers, read one broker or several before deciding whether to submit through more than one.
To find brokers worth interviewing, use the match form or search the register by loan type. For the full list of what to look for across a broker's network, fees and references, see what to look for in a business loan broker.
Questions owners ask
How long should the first call take?
Thirty minutes is enough. Ten minutes for the broker to learn your business, fifteen for your questions, five to agree next steps.
Should I send bank statements before the first call?
Not yet. Send a one page summary of your business and the request. Share statements and tax returns once you have chosen a broker and know how they will be stored.
How many brokers should I interview?
Two or three. Interview them in the same week with the same summary and the same questions so the answers are easy to compare.