One in five businesses are drowning in high-interest credit card or business debt.
As an entrepreneur you often have to make decisions that satisfy the short term need, but sacrifice long term benefits. After The Great Recession, we have seen a substantially low risk tolerance from the banking industry towards small businesses.
What do you do?
You become creative in how you fund your business in order to keep your business moving forward. Why should you consider refinancing your debt?
- Convenience: If you have multiple debtors you probably have multiple due dates. Simply consolidating them to one will relieve mental, operational and cash-flow pressures.
- Save Money: One interest rate that is less than a blended rate (the average rate between multiple loans) means less money in payments and the ability to pay it off faster.
- Increase Cash-Flow: With multiple lenders comes various rates. One payment, one rate, means more money stays in your business.
- Get a jump in your credit score: Credit scores still matter both in business and personal. By consolidating debt you will create satisfied accounts, thereby; improving your risk factor.
Author: André Wilson “Money Man”, Managing Partner, Altima Business Solutions “Empowering you to focus”