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One of the first reasons that small business owners look into debt consolidation is to ease administrative headaches. If you have to make multiple payments, on multiple forms of debt, managing those payments is time taken away from running your business.
Even if you have set up auto-payments, you have to make sure that there is money in your checking account to cover the payments. With multiple lenders, you might have to worry about your checking account balances three or four days a month. It begins to take a mental toll.
A single consolidated debt repayment schedule relieves all those mental burdens. It can also save you money if you have occasionally been forgetting a payment and incurring late fees.
That is not the only way that debt consolidation can save you money. When you started opening credit, you likely did not receive the best interest rates. Or your debt could have variable interest rates and you are tired of a payment that fluctuates. If you needed cash in a hurry at one point you might have stacked loans. Now you are struggling to manage it all.
With debt consolidation, you combine all your existing debt into one business loan. You can often receive a better interest rate, which can possibly save you money. This is not, however, always the case. Sometimes the only benefit you will see is making your payments more manageable.
Improved cash flow can be a large factor in seeking a debt consolidation loan. With just one payment, budgeting becomes easier. Cash that is freed up can be reinvested into your business.
Sometimes small business owners have to weigh the pros and cons when making the best debt consolidation decision for their business. The answer is not as simple as “save money in interest and fees,” and that is not always the best path to take.
Banks and traditional lenders will approve small business owners for debt consolidation loans, but it can be difficult to qualify. They will only work with borrowers who have excellent credit scores, whose businesses have been operating for at least two years, and who have low debt service ratios. It can take up to three months, on average, to be approved for a traditional bank loan. Applications require significant documentation, such as bank statements, tax returns, business plans, financial statements, and more, which can take time and money to gather and prepare. When weighing your options, do not apply for a traditional bank loan if you cannot afford to wait for financing. If you need to reduce and consolidate your monthly payments quickly, consider going elsewhere for your funding needs. If you think you can qualify and do not need the capital quickly, banks usually offer the lowest interest rates and longer repayment terms, as much repayment time as five years.
Small Business Administration loans exist to promote the success of small businesses in America. If you are approved for an SBA loan, the government guarantees a portion of it to the lender. This reduces their risk, so they do not demand as high of a credit score and will lend to less-qualified borrowers than those approved for their traditional bank loans. There are, however, still fairly strict qualifications including time in business of two years and a credit score above 660. The approval process can be just as long as a traditional bank loan, with all the associated downsides. The terms on an SBA loan range from seven to twenty-five years, and interest rates typically start at 6.75%. They will lend in amounts up to $5 million.
You applied for, received an offer, and accepted the terms of a debt consolidation loan and now the funds have been disbursed. What now? Do not forget the original reason that you applied for the small business loan. When a large sum of money is deposited into your bank account it can be tempting to use it for other purposes. Either arrange for your lender to send the funds directly to your existing creditors or immediately pay off those loans yourself. Set up auto-payments with your new lender so that you never miss a payment. You want to avoid late fees and maintain your good standing with them.
Business loans for consolidation can be an excellent choice for your business, even if they do not save you money in the short term. If you have been thinking about looking into consolidating your debt, talk to Shield Funding today.
