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If you are a small business owner and want to learn more about lowering your monthly payments or consolidating business debt, our “7 Step Guide To Refinance Your Business” is a great place to start.
High-interest debt or several different loans can hurt your cash flow and make business debt feel unmanageable. Refinancing with an SBA loan could help.
Business Funding Group LLC (BFG) is a loan packaging firm made up of experts in the field. We specialize in helping established, profitable businesses such as yours get the business funding they need.
Refinancing could lower your monthly payments and boost your business’s cash flow. Continue reading to see how.
1. Evaluate Your Business’s Current Debt
The first step is to get a clear picture of all existing debt. Figure out:
- How much you owe on each loan
- What your current interest rate(s) are
- Whether there are prepayment penalties
- Whether you are delinquent
If your current loans have high interest rates or are not working for your business, refinancing might be a welcome change.
2. Determine Your Eligibility for an SBA Loan
Not all debt qualifies for refinancing, and not all small businesses are approved for an SBA loan. Eligibility can be tricky. Our team could review your situation and prequalify you for a loan.
A few standards that must be met include:
- The debt must have been used for the business (not personal).
- You must have been current on payments for the last 12 months.
- You must be in good standing with the SBA.
- You must demonstrate the ability to repay the loan.
3. Gather Paperwork
For an SBA refinancing loan, you must include several documents with the application. Documents usually required are:
- Business and personal tax returns
- Profit and loss statements
- Balance cheers
- Business debt
4. Choose a Loan Packaging Expert
Our team at BFG helps you prepare your application from start to finish. We also identify the best match from our large pool of lenders. BFG does not charge you anything until you get a loan funded.
5. Submit Your SBA Loan Application
We carefully review your documents and file before submitting your application. Since this adds more time to the process, it is important to submit it without errors or missing documents.
6. Review the Terms and Close the Loan
After your application is approved, the lender will present a loan offer. Our team will review the terms with you to ensure you understand. One reason SBA loans are so popular is their terms.
SBA refinancing often means:
- Lower interest rates
- Longer repayment terms
- Lower monthly payments
- Increased cash flow
7. Focus on Continued Growth
Refinancing your business using this seven-step guide gives you the flexibility to focus on its growth. Monthly payments and other borrower-friendly advantages that are more manageable make refinancing attractive.
Contact Us To Learn More About Refinancing Business Debt With SBA Loans
At BFG, we are experts in SBA loans and helping small businesses thrive. We wrote the “7 Step Guide To Refinance Your Business” so business owners can determine whether refinancing is right for them.
Refinancing business debt could help you increase cash flow and lower your monthly payments. Better yet, you will likely pay less in monthly interest with a new loan.
We have helped countless small businesses obtain an SBA loan to refinance their business debt, and we could help you, too.
Contact us to see if SBA refinancing makes sense for you. Our online application includes a loan calculator to give you an idea of what an SBA loan could look like.