Business loans that worked for a small venture at one point can eventually become an issue. If that’s the case, then refinancing is a way to seek relief. In the current market, it could be a great means to get back on track to productivity for the entire company, whatever industry it’s in.
The conditions surrounding a loan can make it difficult to manage previous debt in a way that allows for smoother future business. BlueVine Marketing Vice President Ed Castano recently told Business News Daily about the financial changes that can impact small businesses and make better financial management.
“Applicants can look for the same level of expertise for both refinancing and initial loans.”
“Understanding your options, whether it be a bank line of credit, invoice financing, purchase order financing, or something else, can be the difference between expansion, stagnation or layoffs for a small business,” Castano said.
It’s crucial/imperative to understand creative financing can apply to restructuring loans in addition to initial investments. Applicants can look for the same level of expertise in firms that handle both, since mastery comes from a combination of experience, understanding of the law and familiarity with the local business community.
The Business Journals listed some of the questions business owners should ask any SBA lender, including details about loans, loan volume, and typical business customers. All of this can be affirmed before the process begins and lead to better confidence.
Growth Capital’s Banker’s Guide can get you up to speed on the latest details of the SBA 504 loan refinancing requirements. The debt has to have existed for at least two years, but the nature of the program allows businesses to target multiple loans at once with it. You can learn more about this and other funding options when you contact us.