Description: Now is the time FOR YOU to enter the highly lucrative field of lending businesses money. Low cost business. Work where you want when you want. We'll give you all the tools you need. Opportunities: Broker opportunities available in all states. Business Type: Business Opportunity. Minimum Cash Required: $19,950. Training Provided: Yes. Home-based: Yes. SBA-Approved: Yes.
Introduction to the Global Financial Training Program
Interview with Phil Dushey: Founder of the Global Financial Training Program
Phil Dushey has been a leader in the finance industry for more than 35 years as s a member of numerous finance industry organizations and by serving on many industry committees and panels. He has been a featured guest on William Shatner's syndicated television show, "Moving America Forward". He owns three companies dedicated to helping finance businesses — Global Financial Services provides loans to companies countrywide that cannot access money at their local banks; Global Church Financing is one of the largest lenders in the country that provides loans to churches for equipment; and Global Financial Training Program teaches individuals how to enter the lucrative field of providing loans to business owners throughout the country that have difficulty accessing money from their banks.
In this success story interview, Phil Dushey, the founder of the Global Financial Training Program, tells us all about the very comprehensive program the he has developed that includes everything a person needs to own their own finance company. Read on to learn about the beginning of the program, the day-to-day activities of a Global professional, and more!
What inspired you to establish the Global Financial Training Program?
About 16 years ago, we were in a down economy. Companies were laying off employees by the thousands. We started to get a lot of calls from people that wanted to get into the finance business but did not know how to become involved. Being that we are in a very noncompetitive business, I decided to set up a program utilizing my expertise and incorporating what lenders need in order to formulate a program where people can open their own finance companies, earn large commissions and do it in an intelligent, but more importantly, efficient manner.
Has the landscape of the financial industry changed since you began?
Yes, it has. Initially, when I entered the industry, there were only a few basic types of loans we could offer to clients and we were limited to only A and B credits. Today, the industry has expanded tremendously. We have many types of loan products and we can provide financing to A through D credits. We can now finance almost any type of loan a business would need, from the earliest stages of startups to the more complex needs of well established companies. We can finance over 30 types of core loans. Core loans include equipment leasing, SBA loans, business loans, working capital, business acquisitions and commercial real estate to name a few. Each core loan has different variations such as in equipment leasing, which is a $900 billion industry. For instance, we offer sale leasebacks where we refinance equipment that the company owns and give them valuable working capital to grow their business. So, within the 30 core loans, we probably have 60 to 70 types of loans we can provide. The financial crisis we have been experiencing since 2008 has damaged the credit of many business owners, and we feel they need a chance to rebuild as well.
What is the biggest challenge you've faced and how have you overcome it?
The biggest challenge we faced when we began was to put together an all-encompassing program that contained the elements needed to be successful in the business of providing financing to businesses throughout the country who could not access capital at their local banks. To be a successful broker in the finance business you must do business directly with the lenders. This way you are always competitive in your pricing and make the best commissions. Upon completion of the program, trainees are approved to do business with over 30 lenders directly. The second biggest challenge was getting the phone to ring. We have developed the most comprehensive marketing program in the business where the phones will start ringing in the first week they leave our program should they start immediately. We also build a custom designed website, including a logo and show them how to drive traffic to the website from day one. They are also assigned a personal mentor to work with them on a daily basis. All of these tools are put in place to ensure each individual is ready to embark upon their new career, owning their own commercial finance company.
Tell us some of the day-to-day activities of a Global professional.
The day-to-day activities vary at different stages of the Global professional. At the beginning, primarily they are marketing for business. We teach a very extensive marketing program, which if followed, will produce results and clients in the first week or two of their new careers. As their clientele increases, there is a balance of always doing marketing and handling your clients' loan requests. It is very important to continuously market for new business so you always have new transactions in your pipeline. We think you should always be working on at least 8 to 10 transactions at any given time.
How competitive is the industry and how does the Global Financial Training Program set itself apart?
Our industry is very competitive in our pricing and terms, but first let's take a look at the banking industry. Due to strict federal guidelines, the banks are turning down 80% to 90% of small business loan applications. These are businesses under $20 million in annual volume. They can only approve A+ clients that have a proven record of profitability and time in business, coupled with strong business assets. Additionally, the owners must also have impeccable personal credit as well. In our industry, we can finance A through D credits. We can finance start-up companies as well as established companies. We can even finance companies that have had recent bankruptcies. We do not have the same restrictions as a bank so we can help companies that have had issues in the past and especially in the current economy giving them a second chance. Our pricing may be a little higher than a bank but it really does not matter. A business owner only borrows money because they are going to make money. So if they can make money with our money, it's all good, especially if they have been turned down by 3 or 4 banks.
What's up next for the Global Financial Training Program?
We are always looking to expand the types of transactions we can fund and keep up with what is happening in the financial marketplace. This year the economy has created a big opportunity for investors. As a result of the struggling economy, the banks have foreclosed on literally tens of thousands of homes all over the country. This has opened the door to a new business called "FIX AND FLIP". Investors are buying these homes at bargain basement prices, fixing them up, and reselling them for huge profits. We saw this phenomenon happening and we also saw the lack of funding in the marketplace. We started working with lenders that we have great relationships with and put together some very innovative financing programs for these "fix and flip" projects. We can now provide financing of up to 90% of the purchase price of the properties and 90% of the amount needed to fix the properties. We are always trying to improve our funding capabilities based upon the market needs of the current economy we are experiencing.
Is there anything else you would like to add?
I love what I do because regardless of the economy we are in, whether up or down, business owners always need money to expand their business. There is no other business that I would want to be in because it is "recession proof". I also love working with people, especially seeing them become successful and achieve their dreams. My staff and our lenders have put together a program that has allowed me to see that the American dream can come true.
GREAT! WHAT'S MY NEXT STEP?
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