Consolidating business

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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.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.If you’re looking to consolidate a small amount of debt (under K), then business credit cards can be a great option.They’re typically much easier to get, and faster to apply for than either term loans or SBA loans.A small business debt consolidation loan can lower your interest rates and reduce the size of your monthly payments.

Timeline #2 applies if you took out short term debt because your finances or credit wouldn’t allow you to qualify for anything better.Here are some situations that can improve your ability to get funded for a consolidation loan: Any time your business’s revenue or profitability has increased for 3 consecutive months, it may be a good time to consider consolidating your business debt.If you fall into one of the situations above then here are some general guidelines to keep in mind before you apply, which are again broken up by either SBA loans or alternative consolidation term loans: The longer your business has been operating, the more financing options are available to you.That’s because you’ll likely be asked to personally guarantee any business consolidation loan.The lender needs to feel confident that if your business were unable to make the payments, you’d personally be able to step in and make those payments.

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