Refinancing loan finance debt consolidating
Below we look at what credit improvement milestones you need to make in order to potentially qualify for both an SBA loan and an alternative consolidation term loan.
These are likely your two best options when looking to consolidate your debt.
SBA loans help you lower your debt payments by offering lower interest rates and longer repayment terms than other term loans.
Smart Biz offers these SBA loans up to 0K and repayment terms up to 10 years.
A small business debt consolidation loan can lower your interest rates and reduce the size of your monthly payments.
They may even enable you to borrow additional working capital.
Timeline #1 applies if you had good credit and took out a short term loan because you needed the quick-turnaround time of a short term loan provider.
However, it’s an important skill to manage if you find yourself struggling with expensive debt, and checking your score is the first step.
As a small business owner, your personal financial health is just as important as your business’s financial health.
When you accomplish an important business objective, it’s often a good time to start thinking about consolidating.
Anything you can do to paint an upward swing on your business’s revenue and/or overall financial strength is a big positive in getting approved for a loan.